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Microeconomics

What Are the Five Exceptions to the Law of Demand?

By Ahmad Nasrudin · Updated on April 17, 2022

What Are the Five Exceptions to the Law of Demand

While it applies to most things we encounter daily, there are exceptions to the law of demand. Two of them are Veblen goods and Giffen goods. They show a positive relationship between their price and the quantity demanded by consumers. In some

Tags: Demand, Law of Demand

Microeconomics

Three Assumptions Underlying the Law of Demand

By Ahmad Nasrudin · Updated on April 17, 2022

The three reasons or assumptions underlying the law of demand are the income effect, the substitution effect, and diminishing marginal utility. The first two describe how consumers react when the price of a product changes. The income effect relates

Tags: Demand, Law of Demand

Microeconomics

What is the difference between a movement and a shift in the demand curve?

By Ahmad Nasrudin · Updated on April 17, 2022

The difference between a movement and a shift in the demand curve lies in the causing factors. The first occurs due to changes in its price. The second occurs due to changes in non-price factors such as consumer income, future price expectations, or

Tags: Demand, Demand Curve

Microeconomics

Reasons For a Downward-Sloping Demand Curve

By Ahmad Nasrudin · Updated on April 17, 2022

A downward-sloping demand curve holds true in most of our day-to-day cases. It shows a negative relationship between price and quantity demanded. It complies with the law of demand. By the law of demand, a higher price lowers consumers'

Tags: Demand, Demand Curve

Business and Strategy, Macroeconomics

What are the Factors Causing Deindustrialization

By Ahmad Nasrudin · Updated on April 12, 2022

Factors causing deindustrialization occurred due to higher manufacturing productivity, pushing prices and job absorption to continue to fall. The change in the economic structure from a manufacturing-based to a service-based basis has become a

Tags: Deindustrialization, Economic Sector, Sectoral Change

Business and Strategy, Macroeconomics

What Are The Impacts of Deindustrialization?

By Ahmad Nasrudin · Updated on April 13, 2022

Deindustrialization brings both positive and negative impacts. First, it could reflect an increase in living standards, so consumers spend more dollars on services. Then, the reduced reduction in environmental degradation is an example of its

Tags: Deindustrialization, Economic Sector

Business and Strategy, Economics

Needs: Definition, Example, Type

By Ahmad Nasrudin · Updated on April 17, 2022

What's it: Needs means requiring something because it is essential. For example, we need food, water, and shelter to sustain our survival. Without food, for example, we can die. In the introduction to economics, we will find economists

Tags: Business, Economics, Needs and wants

Microeconomics

Individual Demand: Definition, Its Curve, Determinants

By Ahmad Nasrudin · Updated on April 17, 2022

What's it: Individual demand represents the quantity demanded by a person for a good at a given price level. Two conditions: he has the willingness to buy and has the ability to buy. At different price levels, the quantity demanded is also

Tags: Demand, Individual Demand

Marketing, Microeconomics

What Are The Types of Demand?

By Ahmad Nasrudin · Updated on April 17, 2022

This article will discuss the types of demand. What is a demand? Economists define it as the willingness and ability of consumers to buy goods at any given price. Willingness means we want things. Ability means we have the money (resources) to

Tags: Demand

Business and Strategy, Macroeconomics

What is the Difference Between Private Sector and Public Sector

By Ahmad Nasrudin · Updated on April 15, 2022

Ownership and motives in providing goods and services are the main differences between the private sectors and public sector. Yet, both play a vital role under mixed economies, the economic systems most countries adopt today. What is a mixed

Tags: Economic Sector, Private Sector, Public Sector

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