1.2.1 & 1.2.2 Flashcards
1
Q
What is demand?
A
The amount of people willing and able to purchase a product at a given price and in a given period of time.
2
Q
What are the 7 demand factors?
A
Price changes in sub and complements
Consumers income change
Consumer tastes and preferences
Advertising and branding
Demographics
External shocks
Seasonality
3
Q
What is supply?
A
The amount of a good or services that a producer is willing and able to supply for a given price at a given period of time.
4
Q
5 Factors leading to a change in supply?
A
Changes in cost of production
New technology
Indirect taxes
Subsides
External shocks
