Demand Flashcards
1
Q
What is the definition of demand?
A
a price consumers are willing to pay for a particular quantity of a good
2
Q
What does the demand curve show?
A
the price consumers are willing to play for a particular quantity of a good
3
Q
What causes movement along the demand curve?
A
a change in price
4
Q
What causes a shift in the demand curve?
A
a change in demand but no chage in price
5
Q
Name 7 reasons the demand curve may shift to the right (demand increases)
A
- sesonal factors
- increased disposable income
- increase in the price of substitues
- increase in advertisemnet of brand loyalty
- increaced quality of the good
- decreased price of complimentary goods
- weather
