Chapter 3 - Demand And Supply

Question 1

Law of demand

Answer 1

The common relationship that a higher price leads to a. Lower quantity demand of a certain good or service at a lower price leads to a higher quantity demanded

Question 2

Complements

Answer 2

Goods gnat are often used together so that consumption of one good tends to enhance consumption of the other

Question 3

What is derived demand?

Answer 3

I demand for a commodity or service, that is a consequence of the demand for something else.

Question 4

Where will the fault of the population grow, expected?

Answer 4

A lot of the population is in Asia you see a lot of growth also in India and China

Question 5

Explain the global middle-class wave.

Answer 5

Middle class is expected to grow the most over the next 50 years this will change demand of products

Question 6

What is happened to mail preparation times over the last 50 years?

Answer 6

It is gotten a lot faster and easier due to people having to do more things in the same amount of time every day

Question 7

How does education of women influence demand forfood?

Answer 7

Less stay at home moms, bigger push for quick and easy meals to be made after work