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ESI Unit 2 Lesson 1 - Demand Flashcards | Quizlet

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Start studying ESI Unit 2 Lesson 1 - Demand. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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1. Explain that a demand curve represents the relationship between the price and the quantity demanded of a product, ceteris paribus.

2. Draw a demand curve.

3. Explain the negative causal relationship between price and quantity demanded.

4. Describe the relationship between an individual consumer’s demand and market demand.

5. Explain how factors including changes in income, number of buyers, substitutes and complements, expectations and tastes and preferences may change demand. (INSECT)

6. Distinguish between movements along the demand curve and shifts of the demand curve.

7. Draw diagrams to show the difference between movements along the demand curve and shifts of the demand curve.

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For a mix of many practice sets/answers, go to https://penguinecon.padlet.org/penguinecon/a887tn0d1aqi