1
Q
Def: demand
A
Quantity of a product bought at a given price at a given period of time
2
Q
Def: Demand curve
A
A line going down drawn on a graph y axis price x axis quantity demanded
To show how much of a good will be purchased at a given price
3
Q
Non financial reasons for change in demand (10)
A
- price of substitute
- price of complementary good
- consumer income
- advertising
- demographics
- external shocks
- seasonality
- trends and fashion
4
Q
Def: complementary goods
A
Goods that are purchased together because they are consumed together
Eg. coffee pods and machine
5
Q
Def: substitute goods
A
Goods that can be bought as alternative but perform the same function
Eg Coca-Cola Pepsi
6
Q
Def: Inferior goods
A
Goods that when income rises demand falls vise verse
Eg. Rice, microwave meals
7
Q
Def: normal goods
A
Goods that when income rises a demand rises vise verse
Business Theme 1
flashcards
Decks in class (25)
# Cards
-
Unit 20 - Entrepreneur6
-
Unit 1 - Market15
-
Unit 2 - Market Research16
-
Unit 3 - Market Positioning6
-
Unit 4 - Demand7
-
Unit 5 - Supply4
-
Unit 6 - Markets5
-
Unit 9 - Product/ Service Design9
-
Unit 10 - Branding And Promotion19
-
Unit 11 - Pricing Strategies11
-
Unit 7 - Price Elasticity Of Demand13
-
Unit 8 - Income Elasticity Of Demand9
-
Unit 12 - Distribution15
-
Unit 13 - Marketing Strategy18
-
Unit 14 - Approaches To Staffing20
-
Unit 15 - Recruitment, Selection And Trainging16
-
Unit 16 - Organisational Design20
-
Unit 17 - Motivation In Theory And In Practice26
-
Unit 18 - Leadership5
-
Unit 19 - Role Of An Entrepreneur5
-
Unit 21 - Business Objectives7
-
Unit 22 - Forms Of A Business 123
-
Unit 23 - Forms Of A Business 25
-
Unit 24 - Business Choices2
-
Unit 25 - Moving From Entrepreneur To Leader2
