ECONOMICS- demand curve

What causes the demand curve to shift left or right?

The demand curve shifts if anything other than the price changes.

What happens to demand when the price changes?

There will be an extension or contraction in demand.

What is a Normal Good?

A good for which demand increases when incomes rise and decreases when incomes fall.

What is an example of a Normal Good?

A branded ice cream product compared to budget options.

What is an Inferior Good?

A good for which demand increases when incomes fall and decreases when incomes rise.

What effect does advertising have on demand?

More advertising leads to more demand.

How do fashion and trends affect demand?

Items go in and out of style, influencing demand.

What is the impact of population and age structure on demand?

A bigger population leads to more demand.

How does income influence demand?

It depends on whether the good is a normal or inferior good.

What are complementary and substitute goods?

The price of other goods can affect demand; complementary goods are used together while substitutes can replace each other.