Tabitha helps Evan prepare for a Pop Quiz on Demand in their Economics Class.
Man, I can't remember what we learned in Economics yesterday, and now we're gonna have a Pop quiz, I just know it!
Hey, don't worry dude. I'll help you remember.
Okay, first things first! You have to know what Demand is.
Demand is the willingness to buy a good or service, and the ability to pay for it.
Okay, what's Demand then?
Well obviously just knowing the vocabulary isn't going to help you pass, you also need to know the factors that affect Demand.
Well, now I know WHAT Demand is, but how does that help me pass the Quiz?
Alright, care to tell me what they are?
Alright, here are the factors that affect Demand: Price of the product, Consumer income, Prices of related goods, The consumer's tastes/preferences, Consumer expectations, and the number of consumer's. Got it?
Now you've got it!
It's all coming back to me now, that means the last part I need to know for the Pop Quiz is, Elasticity in Demand!
Thank you so much Tabitha, I'm ready to take the Pop Quiz now!