Demand for goods and services Flashcards
1
Q
What is demand?
A
Demand is the amount of a product consumers are willing and able to buy, at a specific price, at a specific point in time
2
Q
What causes movements along a demand curve
A
Price- when price increases, demand decreases. When price decreases, demand increases
3
Q
What causes a shift in the demand curve (hint: PASIFIC)
A
Population
Advertising
Substitute goods
Income
Fashion/trends
Interest rates
Compliment goods
