5C : demand and supply Flashcards
1
Q
define demand
A
demand is the quantity of goods and services that will be bought at any given price over a period of time .
(demand curves usually tend to go from top right to bottom right )
2
Q
what factors can affect the quantity of products demanded ?
A
- price : lower the price the higher quantity demanded
- price of other goods : of rivel prices rise and others stay
- advertising : successful adverts increase demand
3
Q
what are some factors that might lead to a rise in demand ?
A
- rivels increase their prices
- increased promotion and branding
- customers income rises
4
Q
lists some factors that might lead to a fall in demand
A
- customers income falls
- rivels reduce there prices
- reduced promotion by the business
5
Q
what is the equilibrium price ?
A
The point were buyers and sellers (demand and supply) agree to a price .
