demand + its determinants Flashcards
(4 cards)
1
Q
Relationship between QD and P
A
inverse relationship between QD and P
2
Q
movement and shift of demand Curve
A
A change in price causes a movement along the curve, a change in any other factor causes a shift of the curve
3
Q
What is demand
A
The quantity of a g/s a consumer is willing and able to buy at a price at a point in time
4
Q
Determinants of demand
A
Weather
E
Population
Laws/legislation
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Substitute goods the price of
Trends
Interest rates
Complimentary goods
Y income
