Individual vs Market Demand Flashcards

1️⃣ Familiarise yourself with the flashcards:

Look through all the flashcards to see what's on both sides.
Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

Look at the question or prompt on each card and try to remember the answer before flipping it over.
Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
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Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

PERSONALISED 1-TO-1 TUTORING

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What is individual demand?

The quantity one person will buy at each price in a set time.

The total quantity all buyers will buy at each price in a set time.

Add the quantities each person wants at the same price. This is horizontal addition.

Because market demand is total bought at a given price. We add quantities, not prices.

8 units at £2.

A table that shows how many units one person would buy at different prices.

A graph that shows the total units all buyers would buy at each price.

For each price, add the quantities from each person. Plot the totals to make the curve.

Total quantity at each price rises because there are more buyers.

All consumers for a product in a stated place and time, such as the UK this month.