External Influences Flashcards
1
Q
Demand (definition)
A
The amount of a good/service that customers are willing and able to buy at any given price
2
Q
Supply (definition)
A
The amount of a good/service that sellers are willing and able to sell at any given price.
3
Q
Demand factors
A
Price Income Price of substitutes Price of compliments Tastes/fashion
4
Q
Supply factors
A
Price
Costs
Taxes
