Demand supply+equilibrium

Question 1

Demand

Answer 1

Is the amount of a good that consumers are willing and able to buy at a given price

Question 2

Shift in demand

Answer 2

A change in price will always cause a movement along the demand curve

A change in any other factor of demand will cause a shift

Question 3

5 types of demand

Answer 3

Change in population, change in tax, advertising, income, change in price of compliment goods

Question 4

What does pasifice stand for

Answer 4

Population, advertising and branding, substitutes, income, fashion and trends, interest rate, complimentary goods, external shocks