GCSE Economics- Choosing to spend

Choosing to spend

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  • Created by: _lakmini
  • Created on: 16-05-12 23:16

Demand and the factors that affect spending

Factors affecting demand

- Income level of the consumers

- Marketing and branding influence

- Loyalty for a product

- Prices of sustitutes (similiar goods)and complemets (for example, fuel is a            complement for cars

Factors affecting supply

- Cost of raw materials

- Wage rates - overtime may need to be paid for higher output

- Productivity of workers

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