Demand Flashcards
1
Q
What is demand
A
The amount of the good or service that people are willing and able to buy at a given price, at a given time
2
Q
What what does the demand curve go
A
Down
3
Q
What cause ps a movement in demand and what are the movements called
A
Price
Contraction and extension
4
Q
What causes a shift on the demand curve
A
Change in any other factor
- tastes
- substitute goods prices
- level of income
- advertising
- population
