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June 23, 2018 

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INPUT: The resources or factors of production used in the production of a firm's output. This term is most frequently associated with the analysis of short-run production, and is often modified by the terms fixed and variable, as in fixed input and variable input. In the short run, the quantity of a fixed input can not be changed, meaning it can not be used to expand output. In contrast, a variable input can be changed, making it THE means of expanding output in the short run.

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Lesson Contents
Unit 1: Buying Basics
  • The Concept
  • Demand Price
  • Quantity Demanded
  • Unit 1 Summary
  • Unit 2: Law of Demand
  • Definition
  • Income Effect
  • Substitution Effect
  • Unit 2 Summary
  • Unit 3: Demand Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch...Ch...Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Unlimited Wants
  • Unit 5 Summary
  • Unit 6:
  • Unit 6 Summary
  • Course Home
    Demand

    This lesson on demand offers a little insight into the purchases of a wide range of goods. In fact, this demand topic is does more than offer insight into buying behavior. It's also one half of the market analysis -- the other half being supply. And market analysis is one of the most widely used tools in the study of economics. Economists explain a lot of economic phenomenon using markets. But to use markets, we need demand. And that brings us back to this lesson.

    • In the first unit of this lesson we examine the basic concept of demand. While you've likely come across the term demand before, we'll see the specific way the term is used in economics.
    • The second unit then takes a look at the law of demand, which is one of the most important and most fundamental economic principles that we'll encounter.
    • As we more on to the third unit, our attention turns to the demand curve, which is the graphical embodiment of the demand concept.
    • In the fourth unit, we examine how the five basic demand determinants cause the demand curve to shift from one location to another.
    • And finally in the fifth unit, we make a connection between demand and the fundamental problem of scarcity.

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    INCOME EFFECT

    The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.

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