Demand- 1.2.1

Question 1

What is demand?

Answer 1

Amount of a good that consumers are willing and able to buy at a given price

Question 2

What factors affect demand?

Answer 2

1) price
2) alternative brands
3) changes in income
4) trends
5) time of year
6) climate
7) external shocks eg; war, disease
8) price of substitute

Question 3

What are substitute goods?

Answer 3

Goods that can be brought as an alternative to others, but perform the same function