1.2 Demand

• GCSE Maths, Biology, Chemistry, Physics, Combined Science, Business, Computer Science, Economics, English Language, English Literature, French, Geography, History, Psychology, and Religious Studies are offered by Edexcel, AQA, and OCR.
• Economics is a social science that studies the production, distribution, and consumption of goods and services.
• Economists approach the world through economic methodology and economic thought.
• The problem of choice is central to economics.
• The Production Possibilities Curve Model (PPC) is a tool used in economics.
• GCSE Other Subjects include Arabic, Art, Craft & Design, Art, Craft & Design: Fine Art, Citizenship Studies, Dance, Design & Technology, Design & Technology: Fine Art, Drama, German, Latin, Media Studies, Music, Physical Education, Polish, Sociology, and Statistics.
• IGCSE Maths, IGCSE Maths (Extended), IGCSE Maths (Core), IGCSE Maths (Additional Maths), IGCSE Biology, IGCSE Chemistry, IGCSE Physics, IGCSE Combined Science, IGCSE Business, IGCSE Computer Science, IGCSE Economics, IGCSE English Language, IGCSE English Literature, IGCSE French, IGCSE Geography, IGCSE History, IGCSE Psychology, and IGCSE Religious Studies are offered by CIE.
• Further Maths AS Further Maths AQA Practice Papers are missing something? Tell us.
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• Physics A Level Physics Edexcel Topic Questions Revision Notes Past Papers are missing something? Tell us.
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• When the price rises the quantity demanded (QD) falls.
• The utility gained from consuming the first unit is usually higher than the utility gained from consuming the next unit.
• The substitution effect suggests that consumers will substitute goods/services that have become relatively more expensive with those that have become relatively less expensive.
• Economists use straight lines in demand curves to make analysis easier.
• The law of demand states that there is an inverse relationship between price and quantity demanded (QD), ceteris paribus.
• Individual and market demand can also be represented graphically.
• Marginal utility is the additional utility (satisfaction) gained from the consumption of an additional product.
• A shop sells both boys and girls swimwear.
• Market demand is calculated by adding up the individual demand at each price level.
• Market demand is the combination of all the individual demand for a good/service.
• The Monthly Market Demand for Newspapers in a Small Village is 30, 15, 4, 4, 53.
• At a price of $10, the shops market demand during July is 900 units.