1.2.1 Demand Flashcards
1
Q
Demand curve
A
The graph which shows the relationship between the price and the quantity demanded
2
Q
Demand
A
The quantity of a product and how much consumers are willing to pay for it
3
Q
What does a higher price lead to
A
Demand will decrease
4
Q
What does a lower price lead to
A
Demand will increase
5
Q
What causes a movement along the demand curve
A
Changes in price
6
Q
Name three things that affect demand
A
Any three from- price, income, the price of other goods, tastes and fashion, size of population, legislation or advertising
