3.1 the determinants of the demand for goods and services Flashcards
1
Q
what does a demand curve show?
A
the relationship between price and quantity demanded
2
Q
what does demand result from
A
consumers wants and needs
3
Q
why is the demand curve downward sloping
A
the lower the price the more quantity will be demanded
4
Q
what causes a shift in demand to the right
A
if there is an increase in demand for the good at the price level, eg a celebrity wears it in a advert
5
Q
what causes a shift in demand to the left
A
if there is a decrease in demand at the price level, eg if it comes out that an ingredient is bad for you
