Demand

Question 1

Demand

Answer 1

The amount of goods and services that coustomers are willing and able to buy at any given price

Question 2

Relationship between demand and price

Answer 2

When the price of a product increases the demand decreases

When the price of the product decreases the demand increases

Question 3

Demand factor : price

Answer 3

The price of the product for the coustomer

Question 4

Demand factor : income

Answer 4

Income is the amount of money that people earn.

More money then demand increases
Less money demand will decrease

Question 5

Demand factors : wealth

Answer 5

Wealth is the value of the persons attributes

When the price increase this is going to lead to a shift along the demand curve
When the person is wealthier then the demand will increase

Question 6

Demand: taste and fashion

Answer 6

Taste and fashions can a cause a impact due to the influence of social media

Question 7

Demand factors: demographic changes

Answer 7

Areas with a larger population are wanting to spend more. The age structure can effect the demand of some products.

Question 8

Demand factors: government actions

Answer 8

Government can use campaigns to increase the demand for a product .

Eg . A keep fit campaign can increase the demand for weight losing products

Question 9

Demand factors : Price of other products

Substitutes and complements

Answer 9

Substitutes - this is where there is other alienates for a product. For example if the demand for iPhones increases then the demand for android will decrease

Complements - where a product is in joint demand when one product is brought than another one is brought to.