Product Markets

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7 Terms

1
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The law of demand

price goes up, demand goes down; price goes down, demand goes up

2
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Changes in demand

Increase - (rightward shift)
Decrease - (leftward shift)

3
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taste and preferences

preference and tastes affected by advirtising, trends, and health considerations

4
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Related Goods

substitutes (go together) and complements (opposite)

5
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Income of consumers

Increase in income increases demand if product is normal, decreases demand if product is inferior.

6
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Population

population goes up, demand goes up; population goes down, demand goes down

7
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Expecations of future price changes

Consumers want to buy when product is cheaper