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DEMAND DETERMINANTS: Five basic ceteris paribus factors that affect demand, but which are assumed constant when a demand curve is constructed. Changes in any one causes a shift of the demand curve. The five demand determinants are: income, preferences, other prices, buyers' expectations, and number of buyers.
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SUBSTITUTION EFFECT The change in quantity demanded that results because a change in the demand price of a good causes a change in the relative prices, which induces buyers to substitute the purchase of one good for another. 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 income effect.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"A man is not finished when he is defeated. He is finished when he quits. " -- President Richard Nixon
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Net Exports
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