Demand and Supply Flashcards
0
Q
Name some determinants of demand
A
Price, social trends, ethics, quality, competition, promotion, brand loyalty, income levels
1
Q
Define demand
A
The amount of a good or service that a consumer is willing to buy a certain price at a certain time
2
Q
Define supply
A
The amount of a good or service producers are willing to supply at a given prize over a given period of time
3
Q
Define consumer surplus
A
The difference between the market price and the price a consumer is willing to pay for the good
4
Q
Define producer surplus
A
The difference between the market price and the price a producer is willing to sell at
