Demand (CH 8) Flashcards
1
Q
Define Demand
A
Quantity of a good/service consumers are willing and able to buy at a given price in a given period of time.
2
Q
State the Law of Demand
A
There is an inverse relationship between price and quantity demanded. As price increases, quantity demanded decreases and vice versa assuming ceteris paribus.
3
Q
PASIFIC
A
- Population
- Advertising
- Substitute’s price
- Income
- Fashion/ Tastes
- Interest Rates
- Complements Price
