Changes in demand !!!what does this mean?
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i started doing economics recently and i would like to know what the following terms mean. Increase in demand, Extension in demand, decrease in demand, contraction in demand. ...show more
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Answer:
Demand is the human desire for goods and services, either to be consumed or to be used in the production of more goods. Demand is controlled by what people are willing to pay for the associated goods and services. Since changes in demand will occur due to other economic factors (see below), these changes are described as Increases, Extensions (associated with supply), Decreases and Contractions (in supply meeting demand). The causes of these two basic changes in demand are due to the varied costs of supply of the associated goods and services.
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Other answers
Extension /Increase are same so are contraction/decrease. One prime cause is increase or decrease in consumer's money in market - may be due to increase/decrease in salaries, decrease/increase in taxes/ interest rates. The above for the market as a whole. For Specific goods the reasons are ( in addition) Utility function, availability of substitutes, demand for complementary goods , people's perception of short movement of prices etc. For brands the reasons are ( in addition) quality, competitive prices, advertising etc.
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