Economics - unit 2 - demand

What is meant by a market?

A market requires which 2 individuals?

Define demand.

Describe the relationship between price and quantity demanded on a demand curve.

How does consumer income affect demand?

What effect does a rise in income have on a normal good?

Give 3 examples of a normal good.

What effect does a rise in income have on an inferior good?

Give 3 examples of inferior goods.

How do changes in consumer tastes, fashion and habits affect demand?

How does advertising affect the demand for a good or service?

How is the demand for a good or service affected by the price of its substitutes?

How is the demand for a good or service affected by the price of its complementary goods?

Give 2 examples of the negative relationship between complements?

How can the availability of credit increase consumer demand?

How can legislation decrease consumer demand?

How can the climate effect demand?

What are demographic factors that affect demand?