demand Flashcards
1
Q
define demand
A
the amount of a product that consumers are willing and able to purchase at any given price.
2
Q
what factor results in a movement along the demand curve
A
price
3
Q
factors causing a shift to demand curve
A
price of substitutes
prices of complements
changes in consumer incomes
fashions, tastes and preferences
advertising and branding
external shocks
demographic changes
seasonal changes
4
Q
examples of external shocks
A
government
economic climate
social and environmental factors
