Supply And Demand Flashcards
1
Q
What are market forces?
A
Market forces are to be seen as a more challenging version of supply and demand
2
Q
What are the factors affecting supply?
A
- Price
- Costs
- Taxes and subsidies
- Price of substitutes
3
Q
What are the factors affecting demand?
A
Price Income Wealth Taste and fashion Demographic changes Government action Price of substitutes Advertising and promotional offers Public relations
