Demand

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5 Terms

1
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define demand

the quantity of a product that consumers are willing ad able to purchase at any given price

2
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describe demand curve

indirectly proportional- as price decreases, demand for product increases

3
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8 factors affecting cost of demand

-consumer incomes

-trends/consumer preference

-advertising/branding

-price of substitutes

-price of complements

-demographic(target audience)

-external shocks(war)

-seasonality

4
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describe inferior good

when consumer income is low demand increases for inferior goods because they are more affordable-however when consumer income is high demand decreases

5
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describe luxury good

when consumer income is low demand decreases as consumers dont have enough money to spend on expensive items