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  • Created by: cardozae
  • Created on: 15-11-15 18:54
what is effective demand
the combination of desire for a product or service with the ability and readinesss to pay
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consumer sovereignty?
suggests that consumers control resource use by deciding what to buy.
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advertisting and branding?
are attempts by businesses to influence demand by changing consumer tastes. strong brands have an advantage over unkown alternatives
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complementary goods
when two things are used together we call them complemntary goods
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substitutes
are alternatives of a product. Sometimes there are close substitutes
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taste
taste involves consumer preferences for specific products. These are likely to change over time and be influenced by factors such as fashion.
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Other cards in this set

Card 2

Front

consumer sovereignty?

Back

suggests that consumers control resource use by deciding what to buy.

Card 3

Front

advertisting and branding?

Back

Preview of the front of card 3

Card 4

Front

complementary goods

Back

Preview of the front of card 4

Card 5

Front

substitutes

Back

Preview of the front of card 5
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