Demand

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  • Created by: lizaloo98
  • Created on: 06-04-16 16:22
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  • Demand
    • Defined
      • the quantity of a product that consumers are willing to purchase at various prices over a period of time
    • Notional demand
      • the desire for a product
    • Effective demand
      • the willingness and ability to buy a product
    • Demand Curve
      • Shows the relationship between price and quantity demanded of a product
      • Demand schedule is the data used to draw the demand curve
      • Linear (Straight line)
      • The is an inverse and normal relationship between price and quantity demanded
    • Factors affecting demand
      • Preferences
        • the better they are, so the more advertising etc, the more demand there will be
      • Disposable income
        • the more there is the more demand there will be
        • Rate of interest affect the disposable income consumers have
      • PRICE OF Substitutes
        • the most there is the less demand there will be
      • PRICE OF Compliments
        • the more there is the more demand there will be

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