1.2.2 Demand Flashcards
1
Q
The conditions of demand: (PIRATES)
A
- Population
- Income
- Related goods (compliments or substitutions)
- Advertising
- Taste/fashion
- Expectations
- Seasons
2
Q
Diminishing marginal utility
A
The satisfaction from the consumption of an additional unit of a good or service will decrease the more it is consumed
