AP MACROECONOMICS UNIT 1: 1.04 and 1.05 DEMAND and SUPPLY
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Last updated 11:20 PM on 10/2/23
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11 Terms
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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.
5
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Substitutes
Goods that can be purchased and used in place of another similar product.
6
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Complements
Goods that are often bought and used together with another product.
7
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Increase in consumer income
When consumers have more money to spend, which can increase demand for certain goods.
8
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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.
10
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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.
