Term
| Aggregate household spending |
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Definition
| all household are grouped together to investigate the pattern of consumptions and savings. |
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Term
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Definition
| if all other things stay the same. |
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Term
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Definition
| a shift of the demand curve to the right or to the left that results when ceteris paribus is relaxed |
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Term
| Change in quantity demanded |
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Definition
| a movement along the demand curve that results from a change in the price of a good or service. |
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Term
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Definition
| a decision made from a selection of options |
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Term
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Definition
| goods and services used in conduction with one another e.g. movies and popcorn, cars and petrol. |
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Term
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Definition
| anyone who uses goods or services |
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Term
| Consumer (or individual) demand |
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Definition
| the amount of a good or service a consumer is willing and able to purchase at a range of prices. |
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Term
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Definition
| when the demand curve shift to the left as a result of a decrease in incomes, an increase in direct tax, a decrease in the price of a substitute or and increase in the price of a complement. |
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Term
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Definition
| the quantity of a good or service a consumer is willing and able to buy at a range of prices at a certain time. |
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Term
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Definition
| a table showing information about consumers demand for a particular good or service over a range of prices at a certain time |
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Term
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Definition
| household income after government taxes and transfers are taken into account. |
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Term
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Definition
| goods and services that are scarce and command a price |
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Term
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Definition
| goods that are abundant and therefore do not command a price |
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Term
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Definition
| when the demand curve shifts to the right as a result of an increase in incomes, a decrease in direct tax, an increase in the price of a substitute, decrease in the price of a complement, the product is in fashion or increased advertising for the good or service. |
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Term
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Definition
| good that are considered of a lower quality or that are used by those on lower incomes. When income increases, demand for inferior goods falls. |
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Term
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Definition
| individuals have limited money (income), skills and time to satisfy all their needs and wants |
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Term
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Definition
| goods and services that make life more comfortable and enjoyable but which consumer could live without. Households with relatively higher levels of income will spend an increasing proportion of their incomes on luxuries, e.g. segways, jet-skis, smokorun |
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Term
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Definition
| Things individuals must have in order to sustain life such as food, clothes, water shelter and Allison images. |
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Term
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Definition
| The next best choice that is foregone when a decision is made. |
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Term
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Definition
| as the price falls, the quantity demanded increases, ceteris paribus, vice-versa’ |
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