Demand — Flashcards
Gujarat Board · Class 11 · Economics
25 flashcards for Demand (Gujarat Board Class 11 Economics) to test yourself on key terms and facts. Sample: "What is demand? State the complete"
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What is demand? State the complete definition.
Answer
Demand is the quantity of a commodity which a buyer desires, is able and willing to buy at a given price at a given point of time. It requires five essential factors: desire, willingness to buy, abili…
What is the demand function and what does Dx = f(Px, Py, Pe', T, Y, U) represent?
Answer
The demand function specifies a mathematical relationship between demand for a good and its determinants. Where: Dx = Demand for commodity X, Px = Price of commodity X, Py = Price of related commodity…
State the Law of Demand as presented by Prof. Alfred Marshall.
Answer
The Law of Demand states: 'When other factors influencing demand remain unchanged, if price of a good falls, its demand expands and if price of a good rises, its demand contracts.' This shows an inver…
What are the five main assumptions of the Law of Demand?
Answer
1. Tastes and preferences remain unchanged, 2. Income of consumer remains unchanged, 3. Prices of substitute and complementary goods remain unchanged, 4. Consumers do not anticipate future price chang…
What is the Income Effect? Explain with an example.
Answer
Income Effect occurs when price of a good falls while monetary income remains constant, causing real income (purchasing power) to rise. For example, if you have ₹50 and milk costs ₹50/litre, you can b…
What is the Substitution Effect? Give an example.
Answer
Substitution Effect occurs when the price of a good falls, making it relatively cheaper than its substitutes. Consumers reduce consumption of substitutes and increase demand for the cheaper good. Exam…
What are substitute goods? Give examples.
Answer
Substitute goods are those which can be easily used in place of one another as they have similar characteristics and satisfy the same want. Examples: Different brands of televisions, motorcycles, refr…
What are complementary goods? Provide examples.
Answer
Complementary goods are consumed together jointly - one cannot be consumed without the other. Examples: Mobile phone and SIM card, air conditioner and electricity, spectacle frame and spectacle glasse…
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