Edexcel-Demand Flashcards
1
Q
Demand
A
Quantity customers are willing and able to buy at given price in a given period of time
2
Q
Law of demand
A
Lower prices make products more affordable for customers
3
Q
Causes of change in demand
A
Income of consumers
Price of substitutes
tastes and trends customers
4
Q
Substitutes
A
Goods and services that can be bought as an alternative
5
Q
3 types of goods
A
Inferior
Normal
Luxury
6
Q
Demand more price more
A
Outward
7
Q
Demand less price less
A
Inward
8
Q
Market equilibrium
A
The middle point between demand and supply
