1.2.1 demand

Question 1

define demand

Answer 1

the amount of a good that consumers are willing and able to buy at a given price

Question 2

what does the amount of a good demanded depend on?

Answer 2

price of good.
income of consumers.
demand for alternative goods which could be used.
demand for goods used at the same time

Question 3

complementary goods

Answer 3

demand for one type of good will affect demand for another.
purchase is somehow linked.

Question 4

substitute goods

Answer 4

impact of a change in price will cause consumers to switch products to an alternative good

Question 5

changes in the prices of substitutes and complementary goods

Answer 5

as prices for substitutes and complimentary goods rise this will change the quantity demanded

Question 6

changes in consumer incomes

Answer 6

as consumers incomes rise, the pattern of demand changes

Question 7

advertising and branding

Answer 7

as products are heavily advertised they may experience an increase in demand

Question 8

external shocks

Answer 8

can cause a change in demand
outbreak of war
changes in unemployment
house prices change
interest rates
inflation rates
tax rates
exchange rates