1.2.1 Demand Flashcards by Bella Mason

Q

What is demand?

A

The number of goods/services customers are willing to buy at a given price.

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Q

What is effective demand?

A

The number of goods/services customers are willing and able to buy at a given price.

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Q

What are the non-price factors affecting demand?

A

Change in the price of substitutes
Change in the price of complementary goods (goods consumed together)
Change in consumer incomes
Fashions, tastes & preferences
Advertising & branding
Demographics
Seasonality
External shocks

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