External Factors Flashcards
1
Q
Price elastic
A
When the demand of a product decreases in sales because the price of the product increases
2
Q
Price inelastic
A
When the increase in price has no impact on the demand of the product
Milk or meds because it’s a need
3
Q
Marketing strategies
A
Purpose is to raise the consumers awareness of a product and to create a positive image about the brand
Newspaper
4
Q
Finance
A
Used when purchasing large ticket items
5
Q
Debt cycle
A
Result of not keeping on top of payments and therefor accumulating more debt through interest and extra borrowing
