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Define demographics and discuss its importance with respect to microcultures. Explain the role of geodemographics in demographic analyses.
Bananas
A type of edible fruit that is elongated and curved, with soft flesh rich in starch covered by a peel.
Perfect Complements
Goods that are often used together in fixed proportions, where the consumption of one item necessarily involves the consumption of the other.
Income Effect
The change in an individual's or economy's consumption patterns due to a change in real income, reflecting how increases or decreases in income can affect buying habits.
Substitution Effect
The alteration in purchasing behavior caused by variations in the relative costs of products, prompting buyers to opt for less expensive alternatives over pricier ones.
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