1.3a Demand Flashcards
1
Q
PESTLE analysis definition
A
External factors that can affect a business
2
Q
PESTLE meaning
A
- Politics
- Economy
- Social
- Technology
- Legal
- Environment
3
Q
Inelastic product examples
A
- Petrol
- Water
4
Q
Elastic product examples
A
- Heinz soup
- Aero chocolate
5
Q
Factors that can affect demand
A
- Price
- Season e.g. easter eggs
- Costs
- Income
6
Q
How can a government increase demand for a product?
A
Subsidise a product to reduce its price
7
Q
How can a government reduce demand for a product?
A
Making legislative change in different markets
8
Q
Cost and demand are inextricably linked - what does this mean?
A
Rise in costs is likely to lead to an increase in price and so a fall in demand.
9
Q
Demographics definition
A
Characteristics of human population and groups
