1.2.1.Demand

Question 1

Demand

Answer 1

-No. of goods/services customers are wiling to buy at a given price.
-Inverse relationship between quantity demanded by customers and price (as price increases as does quantity demanded visa versa therefore demand curve sloped downwards from left to right)

Question 2

Factors leading to change in demand

Answer 2

Non price factors:
-Price of other complimentary goods
-Advertising
-Changes to income
-Changing demographics
-External shocks
-Seasonality
-Changes in fashion and tastes

If demand increases and price stays constant demand curve shifts to right