Demand
quantity of a good/service consumers are willing and able to buy at a given price in a given time period
law of demand
inverse relationship between price and quantity assuming ceteris paribus
whats this
contraction of demand
whats this
extension of demand
why the downward slope
income effect and substitution effect
in what conditions and what causes a shift in the demand curve
if ceteris paribus is dropped, non price factors cause a shift
what are the non price factors acronym
PASIFIC
P
population
A
advertising
S
substitutes price (competition between brands)
I
Income for normal(cars, clothes)/inferior(fast food) goods
F
fashion and tastes
I
Interest rates (decrease leads to increase in demand)
C
Complement’s price (printer price increases, decreased demand of ink)