1.2.1 Demand Flashcards
1
Q
what are the changes in prices of substitutes?
A
When the price of a substitute good decreases, the quantity demanded or that good increases.
2
Q
explain changes in consumers income.
A
if the consumers income increases, they will be more likely to buy more of a product or change to a better quality product (YED)
3
Q
What are demographics?
A
demographics includes age, gender, height, religion etc.
4
Q
what is seasonality?
A
seasonality is when a product peaks during a certain time of the year. An example can be Mangos.
