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4 cards from this section. Quick, good the night before a test.
Define demand in your own words.
Think about what affects consumers' decisions to buy.
What does the Law of Demand state?
Remember the inverse relationship.
What happens to demand when prices rise?
Think about buying fewer items when they cost more.
True or False: Demand only changes with price adjustments.
Consider other influences like preferences and income.
A new trendy fashion item rises in price, leading to a decrease in demand. Using economic concepts, explain how factors like consumer preferences and substitutes apply.
Think about consumer psychology and choices.
Discuss the economic implications if everyone's income suddenly doubled for normal and inferior goods.
Consider how lifestyle and spending change with income shifts.
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