Demand is the amount of a product that consumers are willing and able to purchase at any given price.
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Definition of supply?
Supply is the amount of a product which suppliers will offer to the market at a given price.
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Definition of income elasticity?
Income elasticity is the responsiveness of demand to changes in income.
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Definition of market research?
Market research is the process of collecting information and data about a business's customers, the marketplace and the activities of competitor within that marketplace.
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Definition of quantitative research?
Quantitative research aims to gather information based on facts that can be tested.
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Definition of qualitative research?
Qualitative research seeks to gather opinions and views.
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Other cards in this set
Card 2
Front
Supply is the amount of a product which suppliers will offer to the market at a given price.
Back
Definition of supply?
Card 3
Front
Income elasticity is the responsiveness of demand to changes in income.
Back
Card 4
Front
Market research is the process of collecting information and data about a business's customers, the marketplace and the activities of competitor within that marketplace.
Back
Card 5
Front
Quantitative research aims to gather information based on facts that can be tested.
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