Factors Leading to a Change in Demand (Edexcel A-Level Business): Flashcards
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Practise the cards
10 cards from this deck
Demand (economic definition)
Demand (economic definition)
Quantity consumers are willing and able to buy at a given price
Ceteris paribus meaning
Ceteris paribus meaning
All other factors remain constant
Price & quantity demanded relationship
Price & quantity demanded relationship
Inverse - price ↑, demand ↓; price ↓, demand ↑
Movement along demand curve vs shift in curve
Movement along demand curve vs shift in curve
Movement = price change; Shift = non-price factors change
Substitute goods definition
Substitute goods definition
Products that can replace each other (e.g., Coca-Cola & Pepsi)
Complementary goods definition
Complementary goods definition
Products consumed together (e.g., cars & car insurance)
Normal goods
Normal goods
Demand increases when consumer incomes rise
Inferior goods
Inferior goods
Demand decreases when consumer incomes rise
Demographics in demand analysis
Demographics in demand analysis
Population characteristics including size and structure
7 demand shift factors (mnemonic SCITADES)
7 demand shift factors (mnemonic SCITADES)
Subs, Comps, Income, Tastes, Ads, Demographics, Ext shocks, Season