Demand Flashcards
1
Q
What does the demand curve illustrate?
A
The price people are willing to pay for a particular quantity of a good.
2
Q
What will a change in price do to the demand curve?
A
Causes a movement along the demand curve
3
Q
What caused this shift in demand?
A
Consumer are willing to buy a higher amount of goods.
4
Q
What are the factors that cause a shift in Demand?
A
- Change in Price of a Substitute good
- Population
- Advertising
- Income
- Complementary Goods (change in price) [eg, Xbox and Games]
5
Q
What is Demand?
A
6
Q
What is the Ceteris Paribus Condition?
A
Is if everything
7
Q
What is the extension of demand?
A
8
Q
What is the Contraction of Demand?
A
9
Q
What are Factors that effect DEMAND also called?
A
10
Q
A
11
Q
A
