Demand Vocabulary Flashcards
0
Q
What is the Law of Demand?
A
When the price of a product decreases, more people are willing to buy. If the price goes up, less are willing to buy.
1
Q
What is the definition of Demand?
A
How much of a good or service consumers are willing and able to buy at a given price.
2
Q
What is elastic demand?
A
When a relatively small price change makes a big change in the quantity purchased.
3
Q
What is Inelastic Demand?
A
When a change in price results in a relatively small change in the amount people are willing to buy.
