Demand Flashcards
1
Q
Demand
A
The amount of a good that consumers are willing and able to buy at a given price.
2
Q
Complementary Goods
A
When there is a link between two goods, E.G Petrol and Cars.
3
Q
Substitute Goods
A
When the impact of price for one good changes demand for another because it is seen as an alternative good.
4
Q
External Shock
A
A factor outside of our control which affects the demand level for goods.
5
Q
Demographics
A
Statistical Data relating to population (used to describe a group in marketing). E.G. aging population demographics.
