Practice questions Flashcards
Give three factors that would shift the demand curve
Consumer’s income, price of a substitute and popularity of products.
Give three factors that would shift the supply curve.
Price of production cost, resource availability and number of sellers.
What are the consequences of unemployment on individuals?
Loss of income, stress and anxiety from financial struggles and loss of work skills.
How does weather effect the market?
Bad weather can affect agriculture production, different weather conditions can affect the demand for different clothing and products.
What is used to determine the strength of the economy and how is it determined?
It is often measured by GDP, which is the total value of all the goods and services that is produced in a country over a specific period of time.
