Demands for Goods & Services Flashcards
1
Q
What is Demand?
A
The cost of a Product a Consumer is willing and able to buy, at a specific price at a specific point in time
2
Q
What is Individual Demand?
A
When one person demands for a product
3
Q
What is Market Demand
A
Sum of all Individual Demands
4
Q
If Demand Increases…
A
Prices Rise
5
Q
If Demand Decreases…
A
Prices Fall
6
Q
What are the Factor of a shift in the Demand Curve? (Hint: PASIFIC)
A
Population
Advertising
Substitutes in Goods
Income
Fashion
Interest Rates
Complements Goods
7
Q
What is a Substitute?
A
A Good bought as an alternative to another good
8
Q
What is a Complement?
A
A Good bought alongside another good
9
Q
A
