Factors Affecting Market Demand (HSC SSCE Economics): Flashcards

Quantity consumers willing & able to buy at various prices

Total demand from all consumers in the market

Goods essential for daily life with stable demand

More sensitive to price changes; non-essential

Goods consumers can use in place of each other

Goods consumers typically purchase together

Consumers bring purchases forward; current demand increases

When one's demand is affected by others' purchases

Demand rises because many others own the product

'Other things equal'; holding all else constant in analysis