Demand
- Created by: lizaloo98
- Created on: 06-04-16 16:22
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- Demand
- Defined
- the quantity of a product that consumers are willing to purchase at various prices over a period of time
- Notional demand
- the desire for a product
- Effective demand
- the willingness and ability to buy a product
- Demand Curve
- Shows the relationship between price and quantity demanded of a product
- Demand schedule is the data used to draw the demand curve
- Linear (Straight line)
- The is an inverse and normal relationship between price and quantity demanded
- Factors affecting demand
- Preferences
- the better they are, so the more advertising etc, the more demand there will be
- Disposable income
- the more there is the more demand there will be
- Rate of interest affect the disposable income consumers have
- PRICE OF Substitutes
- the most there is the less demand there will be
- PRICE OF Compliments
- the more there is the more demand there will be
- Preferences
- Defined
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