What to Expect
In this website, you will explore demand and be able to break down its key terms. Once you will have revised this page you should have a deeper understanding of demand.
Key Terms
Demand Curve
Factors Affecting Demand
Quiz
KEY TERMS
Substitute
In business terms, 'substitute' refers to a product or service that consumers see as similar or the same to another product. In more simple terms, a 'substitute' is something that can be used in place of the original product.
Complementary Goods
'Complementary goods' are products which are used and bought together.
Seasonality
'Seasonality' refers to changes that occur over a one-year period in a business or economy based on the seasons. Including weather (for example winter, summer, autumn and spring) or commercial seasons. Examples include, Valentine day, Easter, Mother's Day, Father's Day, Halloween and Christmas
Demand Curve
A graph showing how the demand for a product or service varies with changes in its price.