1.2 Flashcards
1
Q
What is demand ?
A
The quantity consumers are willing and able to buy at a given price during a period of time
2
Q
What is the basic law of demand ?
A
If price increase demand will fall and vice versa
3
Q
What are luxury goods
A
expensive, non-essential items that are perceived as desirable and often used to showcase wealth and status
4
Q
A
