Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
|
What is demand? |
The amount of a good that consumers are willing & able to buy |
|
|
Factors that lead to a change in demand |
Price Change in consumer income Trends & fads in fashion Marketing wh |
|
|
What is supply? |
Measured in terms of the quantity of a good of service that a producer is willing and able to make available on the market. |
|
|
Calculation of PED |
% chnage in quantity demanded, divided by % change in price. |
|
|
% change in price formula |
Price new - price old Divided by price old x 100 |
|
|
Elastic demand |
Value will be more than 1 |
|
|
Inelastic demand |
Value will be between 0 & 1 |
|
|
Calculation of YED |
% change in quantity demand divided by % change in income. |
