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
2
Q
What causes the entire demand curve to shift?
A
1) Income changes
2) Prices of other goods
3) Population changes
4) Changes in tastes
5) Changes in fashion
6) Changes in legislation
7) Advertising
3
Q
What is consumer surplus?
A
Consumer surplus is the total of all benefit received by consumers that they did not pay for
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
