term1 Definition1term2 Definition2term3 Definition3
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Demand
The willingness and ability of a consumer to purchase a good at any given price
Supply
The number of goods or services a business is willing to sell an any given price
Factors that affect the supply and demand
Price of substitutes
Change in income
Fashion, trends and tastes
Advertising and branding
External shocks: government, economic climate
Seasonal
Change in cost of production
New technology
Weather
Government
Price elasticity demand
A change in price results in q greater change in demand
The responsiveness of demand in change of price
Price which results in demand
Price inelastic of demand
A change in price results in a smaller change in demand
Completely same as elastic but lower demand
Income elastic demand
Change in percentage in demand for a product results to greater percentage change in income
The responsiveness of demand to a change in income
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Income inelastic demand
Percentage change in demand results into a lower percentage change in income
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