Determinants of demand (2.1)

Question 1

Demand

Answer 1

the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period

Question 2

Law of demand

Answer 2

As a good’s price falls, more is demanded.
Therefore there is an inverse relationship between price and quantity demanded

Question 3

Conditions of demand (shifts curve)

Answer 3

P - population
A - advertising
S - substitutes prices
I - income
F - fashions
I - interest rates
C - complements price