demand

Question 1

demand definition

Answer 1

the amount of consumers who are willing and able to purchase a good at a fixed price in a given time period

Question 2

impact of a change in price on a demand curve

Answer 2

MOVEMENT
price increase- contraction of demand
price decrease- extension of demand

Question 3

define a shift in demand

Answer 3

a change in quantity demanded at a fixed price

Question 4

what causes a shift in demand

Answer 4

PASIFIC
Population Advertising Substitutes Income tax Fashion/taste Income Complements

Question 5

joint demand

Answer 5

items which are consumed together or necessary for eachother are said to be in joint emand

Question 6

composite demand

Answer 6

demand for a good which has multiple uses

Question 7

individual demand

Answer 7

the demand of one individual firm

Question 8

market demand

Answer 8

the total quantity demanded by all consumers

Question 9

does a 2 for 1 offer count as a movement or a shift in demand

Answer 9

movement as it changes price