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3 cards from this section. Quick, good the night before a test.
What is the definition of demand?
Think about wanting and being able to afford something.
Give an example of a substitute good.
Think of products that can replace each other.
What is demand really about?
Think about both wanting something and being able to afford it.
True or False: As the price of a commodity increases, the quantity demanded decreases.
Consider how pricing affects consumer choices.
Evaluate how a sudden economic downturn might affect the demand for luxury goods versus basic goods.
Consider priorities in spending during economic hardships.
Discuss the impact of social media marketing on a new product's demand.
Think about how advertisements can create buzz.
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