The Determinants of the Demand for goods and services Flashcards
1
Q
A demand curve shows what relationship
A
The relationship between price and quantity demanded
2
Q
On demand curves what is labelled on the axis
A
Price on the y axis and Quantity on the x axis.
3
Q
How do you show a change in price on demand curves
A
A movement along the demand curve.
4
Q
Defintion of consumers
A
Consumers are those people that use goods and services to satisfy their needs and wants.
5
Q
Definition of normal good
A
If incomes rise demand will increase at the same rate.
6
Q
Substitute products definitions
A
Products that act as an alternative for consumers
7
Q
Complementary products definition
A
Products that are often bought together e.g. tennis rackets and tennis balls.
8
Q
What does Ceteris Paribus
A
All other factors remain the same.
