Demand Flashcards
1
Q
What is derived demand
A
Demand for a good or service coming from the demand of another good or service
2
Q
Joint demand
A
Demand for goods that are interdependent I.e demanded together - e.g printer and ink
3
Q
What is effective demand
A
Refers to the quantity of a good or service consumers are willing and able to purchase at a given price in a given time period
4
Q
What is composite demand
A
Demand for a good or service that has multiple uses
5
Q
What is competitive demand
A
Refers to market where the demand for goods has competition within it - e.g fizzy drink market has substituted
6
Q
What are the 4 factors affecting shift in demand curve
A
Increase in consumers real disposable income
Increase in price of substitutes
Decrease in price of complements
Changes in taste and fashion
