1.3a - Demand Flashcards
1
Q
What does PESTLE stand for?
A
- Politics
- Economy
- Social
- Technological
- Legal
- Environmental
2
Q
How can the government encourage demand?
A
By subsidising a product to reduce its price
3
Q
Costs and demand are inextricably linked - what does this mean?
A
A rise in costs will likely lead to a rise in price and so demand will fall
4
Q
Demographics definition
A
The characteristics of population groups
5
Q
Perfect competition definition
A
Where all firms compete on an equal basis
