Learning sheet 2 Flashcards
1
Q
what is demand
A
demand is the willingness and ability of consumers to pay a certain price for a product or service at a given period
2
Q
what is a cause of a extension
A
a change in a price of a product
3
Q
what is a contraction
A
occurs due to an increase in a price of the given commodity
4
Q
what are the conditions of
A
price income related goods age taxes and expectations
