1.2.1 DEMAND Flashcards
1
Q
What is demand and the demand curve
A
The demand is the amount a product is wanted by the consumers. The demand is directly linked to the price of the product. As price increases the demand decreases.
2
Q
What are the factors that may lead to a change in demand. Name 4
A
The price of the substitutes such as the price of Pepsi vs coke . The level of advertisement used, changes in consumer income, changes in consumer tastes. demo graphical changes season and external influences such as natural disasters.
