8) Demand Flashcards

1
Q

What is demand?

A

Demand is the quantity demanded of a given product at a given price during a given period of time

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2
Q

What causes the entire demand curve to shift?

A

1) Substitutes
2) Income
3) Population change
4) Income tax change
5) Government spending
6) Seasonal factors
7) Fashion and taste
8) Advertising
9) Complements
10) Emotional factors

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3
Q

What is consumer surplus?

A

Consumer surplus is the total of all benefit received by consumers that they did not pay for

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4
Q

What is a shift in the demand curve?

A

A movement of the whole demand curve to the right or left of the original caused by a change in any variable affecting demand EXCEPT PRICE

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