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Demand Prepared: Nikolashkina Anna 11A Teacher of Economics Rafalskaya Irina Demand • Demand- the desire and ability of consumers to buy a certain quantity of goods or services at a specified price within a specified period of time. The level of demand • The level of demand - the quantity of goods that consumers want and can to buy at a given price. The law of demand. • The law of demand: the less the price of a product, the more consumers want to buy it, and conversely, the higher the price of goods, the less the consumer wants to buy it. Change in demand Non-price factors: • • • • • climatic or seasonal changes; changes in income; changes in style, taste, habits; prospective expectations; the price of goods - substitutes; Change in demand If demand increases then the demand curve shifts to the right (D1). If demand decreases, the demand curve shifts to the left (D2). Elasticity • Elasticity describes effect of price changes on the quantity demanded. • If the effect of price changes is relatively small, the demand for these goods is inelastic. • If demand is elastic, small changes in price can have significant changes in the demand for goods. Causes of inelastic demand • • • • essential goods goods that are difficult to change low cost goods Hopeless situation for the consumer