AP MACROECONOMICS UNIT 1: 1.04 and 1.05 DEMAND and SUPPLY

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Celebrity endorsement

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When a famous person promotes a product, which can increase demand for the product.

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Fraud accusations

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Accusations of dishonesty or deception, which can decrease demand for a person's movies or products.

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11 Terms

1
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Celebrity endorsement

When a famous person promotes a product, which can increase demand for the product.

2
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Fraud accusations

Accusations of dishonesty or deception, which can decrease demand for a person's movies or products.

3
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Government warning

A stern message from the government about a health concern, which can decrease demand for related products.

4
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Related goods and services

Goods and services that are either substitutes or complements to each other.

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Substitutes

Goods that can be purchased and used in place of another similar product.

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Complements

Goods that are often bought and used together with another product.

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Increase in consumer income

When consumers have more money to spend, which can increase demand for certain goods.

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Normal goods

Goods for which demand increases as consumer income increases.

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Inferior goods

Goods for which demand decreases as consumer income increases.

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Buyers (number of)

The number of people who demand a good or service, which can affect the overall demand.

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Expectations of price

Consumer beliefs about future price changes, which can influence current demand.