Concept 2 : Demand Flashcards
1
Q
What is demand?
A
The willingness & ability to buy a product
2
Q
What are the 2 features of demand that equal total demand?
A
Individual & Market
3
Q
Price and Demand have what kind of relationship?
A
Negative
4
Q
Describe the negative relationship between price and demand?
A
When the price goes up, demand goes down (and vice- versa)
5
Q
When analysing and discussing a demand curve, we talk about the a. shift in demand b. movement along the curve. What do these features mean?
A
a. The conditions that affect the demand if a product
b. The change in price affects the demand of a product
6
Q
What are the four general conditions that cause a change in demand?
A
Related Products
Advertising & Tastes
Population
Tastes
