Economics CH 5 Demand

For which is demand more elastic?

Sugar, Salt, Bread are example of inelastic demand

There is no substitute for Fruitloops

The amount of money a person makes

Price x  # of products sold = total revenue

Food is an example of a need

When a price change has little effect on demand, it's said to be 

This explains the law of demand in a picture showing prices and the units demanded

Can a change in household income of a country change the demand for products and services?

If Katy Perry starts wearing shoes designed by Mr. Hackey, how will this effect demand

When the price goes up, the demand goes down and vice versa. 

Four factors that influence demand include: price, consumer taste _____, ________.

If there is a blizzard in the Fargo area what will that do for the demand for shopping.

A product that can be used inplace of another product

The change in an area's population will have no affect on the demand for services and products

Coca Cola is a substitute for Pepsi

Water is an example of a luxury.

What happens to demand if many substitutes for a product or service are available?

Total amount of money a business makes in sales

The amount of a good or service that consumers are willing and able to buy at a given price