2.1 demand Flashcards
(7 cards)
1
Q
What is Quantity Demanded?
A
The amount of goods and services consumers are willing and able to purchase.
2
Q
What does the Law of Demand state?
A
The quantity demanded for a good or service decreases as price increases and vice versa.
3
Q
What is a Market Demand Curve?
A
The sum of all individual demand for a good or service.
4
Q
What are Complementary Goods?
A
Goods or services that are jointly demanded.
5
Q
What are Substitute Goods?
A
Goods or services that compete against each other and are hence in competitive demand.
6
Q
What does Movement refer to in demand?
A
A change in price changes the quantity.
7
Q
What does Shift refer to in demand?
A
A change in a non-price determinant changes the quantity.
