Factors of Demand

Factors of Demand

Price isn’t the only factor that affects quantity individual demands. So what other factors of demand that change

Law of Demand

Law of Demand

Law of Demand says if we raise the price of a product, it will lower the quantity demanded of the

Circular flow diagram

Circular flow diagram

Circular flow Diagram is a visual model of the economy that shows how dollars flows through markets among households

Marginal Change

Marginal Change

What is Marginal Change? Economists use the term marginal change to describe small incremental adjustments to an existing

Scarcity in Economics

Scarcity in Economics

Scarcity refers to the fundamental economic dilemma, the gap between ‘limited – that is, scarce’ – resources and