1.2.1 Demand Flashcards
1
Q
what is demand?
A
the amount that consumers are willing and able to buy at any given price
2
Q
changes in demand occur when…?
A
-changes in the prices of substitutes and
complementary goods
-changes in consumer incomes
-fashions, tastes and preferences
-advertising and branding
-demographics
-external shocks
-seasonality
