demand Flashcards
1
Q
demand
A
the quantity of a good or service that consumers are willing and able to purchase, at a particular price and point in time
2
Q
law of demand
A
as the price of a good or service increases the quantity demanded will fall, ceteris paribus
3
Q
non price factors of demand
A
real disposable income
substitute goods
complementary goods
consumer expectations
consumer preference
