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Watson and Rayner suggested that
Demand
The quantity of a good or service that consumers are willing and able to purchase at various prices during a specified period.
Shifts
Refers to changes in the position of demand or supply curves in economic models, often due to changes in external factors such as technology, preferences, or policy.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to purchase at various prices.
Price of Substitutes
The cost of alternative goods or services that consumers can purchase instead of the original item, influencing consumer choices and demand.
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