Demand Flashcards
1
Q
What is a movement in terms of demand ?
A
A movement occurs when there is a change in price because a shift moves across the same demand line as it is from a given price where as a movement is a change in price so the demand curve starts at a different point.
2
Q
What are the factors affecting demand ?
A
- price of product
- substitutes ( price & availability )
- quality
- income levels
- price & availability of complements
- regulation
- advertising or fashion trends
3
Q
What is a shift in terms of demand ?
A
A shift is when there is more demanded at any given price
