Key terms-demand(1.2.1) Flashcards
1
Q
Complementary goods definition
A
products consumed/used together so they are purchased together
e.g. printer and printer ink
2
Q
Consumer income definition
A
the money earned/received from work/investments
3
Q
Demand definition
A
the quantity of goods/services that a consumer is willing to buy at a given price and at a given time
4
Q
Demographics definition
A
the structure of the population such as age gender and geographical distribution
5
Q
External shocks definition
A
factors beyond the control of a business
6
Q
Seasonality definition
A
when demand rises or falls at particular times of the year according to seasonal factors
7
Q
Substitutes definition
A
goods that can be bought as an alternative to others but perform the same function
e.g. petrol car and electric car
