1.2.1 Demand Flashcards
1
Q
What is demand?
A
Demand refers to the number of goods/services customers are willing to buy at a given price. As price decreases the demand for said product will increase.
2
Q
Factors leading to a change in demand.
A
/ Complimentary and substitute goods
/ Change in fashions and tastes
/ Advertising and branding
/ Changes to income
/ Changing demographic
/ External shocks
/ Seasonality
