Edexcel-Demand 1.2 Flashcards
1
Q
Demand
A
Quantity customers are willing and able to buy at given price in a given period of time
2
Q
Whats the relationship between demand and price?
A
Inverse
3
Q
As price increases
A
Quantity demanded decreases
4
Q
As price decreases
A
Quantity demanded increases
5
Q
How is the demand curve placed?
A
Downwards
From left to right
6
Q
What are the factors which affect demand called?
A
Non-price factors
7
Q
What is the acronym for non price factors?
A
PASIFIC
8
Q
PASIFIC
A
Population
Advertising
Substitutes
Income
Fashion tastes and trends
Intrest rates
Complimentary goods
9
Q
Outwards shift
A
More consumers are willing to buy
10
Q
Inwards shift
A
Less consumers are willing to buy
