Chapter 2 of 14
Concept Maps
Elementary Theory of Demand — Concept Maps
ICSE · Class 10 · Economics
4 concept maps of Elementary Theory of Demand for ICSE Class 10 Economics, each also written out as a text outline.
43 questions37 flashcards2 formulas & key relations5 concepts
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Price Change vs Other Factors: What Moves the Demand Curve?
The map in words
- Change in Demand Situation
- What caused the change?
- Own Price of Commodity Changes: Movement Along Same Curve
- Price Falls
- Expansion of Demand
- Downward Movement on Same DD Curve
- Expansion of Demand
- Price Rises
- Contraction of Demand
- Upward Movement on Same DD Curve
- Contraction of Demand
- Price Falls
- Other Factors Change: Shift of Demand Curve
- Favourable Factors
- Increase in Demand
- Rightward Shift DD to D1D1
- Rise in Income or Rise in Sub Price or Fall in Comp Price
- Increase in Demand
- Unfavourable Factors
- Decrease in Demand
- Leftward Shift DD to D1D1
- Fall in Income or Fall in Sub Price or Rise in Comp Price
- Decrease in Demand
- Favourable Factors
- Own Price of Commodity Changes: Movement Along Same Curve
- What caused the change?
Complete Overview of Elementary Theory of Demand
The map in words
- Demand Theory
- Meaning of Demand
- Desire plus Ability plus Willingness
- Reference to Price and Time
- Individual vs Market
- Types of Demand
- Joint - goods together
- Composite - multiple uses
- Direct - satisfies want directly
- Derived - for production
- Competitive - substitutes
- Law of Demand
- Inverse Price-Quantity relation
- Assumptions TINEP-DN
- Downward sloping curve
- Causes DISNM
- Exceptions GPIN
- Determinants
- Price of commodity
- Income of consumer
- Related goods prices
- Tastes and preferences
- Population and season
- Changes in Demand
- Movement along curve
- Expansion - price falls
- Contraction - price rises
- Shift of curve
- Increase - rightward
- Decrease - leftward
- Movement along curve
- Special Effects
- Bandwagon herd mentality
- Snob exclusivity effect
- Veblen luxury status
- Meaning of Demand
Elementary Theory of Demand - Complete Concept Map
The map in words
- DEMAND
- Meaning
- Desire for Commodity
- Ability to Pay
- Willingness to Spend
- Reference to Price and Time
- Types of Demand
- Joint Demand
- Goods demanded together
- Example: Car and Petrol
- Composite Demand
- Multiple uses of a good
- Example: Milk
- Direct Demand
- Satisfies want directly
- Example: Food and Clothes
- Derived Demand
- Used to produce other goods
- Example: Labour and Cement
- Competitive Demand
- Substitute goods compete
- Example: Tea and Coffee
- Joint Demand
- Demand Schedule and Curve
- Individual Demand Schedule
- Market Demand Schedule
- Individual Demand Curve
- Market Demand Curve
- Horizontal Summation
- Determinants of Demand
- Individual Demand
- Price of Commodity
- Price of Related Goods
- Consumer Income
- Tastes and Preferences
- Credit Facility
- Market Demand
- Population Size
- Season and Weather
- Government Policy
- Distribution of Income
- Advertisement
- Individual Demand
- Law of Demand
- Inverse Relationship
- Downward Sloping Curve
- Causes
- Diminishing Marginal Utility
- Income Effect
- Substitution Effect
- Different Uses
- Exceptions
- Giffen Goods
- Veblen Goods
- Necessities
- Ignorance
- Changes in Demand
- Quantity Demanded Change
- Expansion of Demand
- Contraction of Demand
- Demand Change
- Increase in Demand
- Decrease in Demand
- Quantity Demanded Change
- Types of Goods
- Normal Goods
- Income rises demand rises
- Inferior Goods
- Income rises demand falls
- Giffen Goods
- Price rises demand rises
- Veblen Goods
- Luxury status goods
- Normal Goods
- Meaning
Demand and its determinants in economics
The map in words
- Demand and its determinants in economics
- Meaning of Demand
- Types of Demand
- Individual Demand and Market Demand
- Determinants of Demand
- Law of Demand
- Reasons for the Law of Demand
- Exceptions to the Law of Demand
- Bandwagon, Snob and Veblen Effects
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Explore DiagramsFrequently Asked Questions
What are the important topics in Elementary Theory of Demand for ICSE Class 10 Economics?
Key topics in Elementary Theory of Demand include Meaning of Demand and Quantity Demanded, Types of Demand, Individual Demand and Market Demand, Demand Curve and Demand Schedule. Study these first, then practise questions on each for the ICSE Class 10 board exam.
What do the concept maps for Elementary Theory of Demand show?
The 4 maps show how the ideas in Elementary Theory of Demand connect: Price Change vs Other Factors: What Moves the Demand Curve?; Complete Overview of Elementary Theory of Demand. Each map is also written out as an outline on this page.
How should I revise Elementary Theory of Demand for the ICSE Class 10 board exam?
Learn the core ideas first, then work through the 43 practice questions on Elementary Theory of Demand. Revise definitions regularly and use flashcards for quick recall before the exam.
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Practice Quiz
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Important Questions
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Revision Notes
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Formula Sheet
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Chapter Summary
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Study Plan
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Flashcards
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Syllabus
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