Term
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Definition
| desire, ability, or willingness to buy |
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Term
Law of Demand
Demand is all about the... |
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Definition
prices up = prices down
prices down = prices up
-indirect relationship
CONSUMER |
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Term
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Definition
| a list or table that shows quantity demanded and all prices in a market |
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Term
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Definition
-this allows a business owner to predict its total sales at several different prices
-list will display larger #'s of quantity demanded since its showing purpose decisions of ALL potential customers |
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Term
Demand Curve
vertical & horizontal
curve shows 2 things
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Definition
-a graphic representation of demand curve
vertical: prices
horizontal: quantity demanded
shows: 1. slopes down to the right 2. relationship between price & quantity someone will purchase at each price
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Term
| Factors that cause a shift in the Demand Curve (6) |
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Definition
1. income
2. Consumer Expectations
3. Population
4. consumer tastes
5. advertising
6. related goods |
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Term
income
normal goods
inferior goods |
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Definition
can cause someone to buy more "normal" goods than "inferior" goods
normal goods: name brand or high end
inferior goods: generic brands
-decrease in demands is created |
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Definition
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