Demand Flashcards
1
Q
What is the Concept of demand
A
Refers to customers desire and capacity to buy more products
2
Q
Name the Key concepts
A
- Law of Demand
- Demand Curve
- Marginal Benefit
- Shifts in Demand
3
Q
What is the Law of Demand
A
As the price of goods/services increase the quantity of demand decreases (vice-versa)
4
Q
Demand Curve
A
Graphing the relation of price and quantity
5
Q
Marginal Benefit
A
The additional benefit the customer receives from buying on more product (Marginal Analysis)
6
Q
Shifts in Demand ( list examples)
A
Factors that shift the Demand curve
- Income
- Consumer Preference
- Number of buyers
