1.2.1 demand Flashcards
1
Q
demand (def.)
A
the quantity that customers are willing and able to buy over a range of prices in a given period of time
2
Q
quantity demanded (def.)
A
the quantity that customers are willing and able to buy at a given price in a given period of time
3
Q
basic law of demand
A
demand varies inversely with price
low price = high demand
high price = low demand
4
Q
non-price determinants of demand (PASIFIC)
A
population
advertising
substitute goods
income
fashion/trends
interest rates
complementary goods
