Theme 1 - Topic 12 0.0 / 5 ? Business StudiesDemand and SupplyA2/A-levelEdexcel Created by: psinfieldCreated on: 20-01-19 16:16 What is demand? The amount of consumers willing and able to purchase a product at the given price. 1 of 9 What are the factors that affect demand? Price, quality, new tech, advertising, competition, economy/income and fashion. 2 of 9 What is the demand curve? This shows the relationship between the quantity demanded and the price of a product. 3 of 9 What happens to demand when price is increased? It contracts. 4 of 9 What happens to demand when the price is lowered? It extends. 5 of 9 What are the factors that cause a change in demand? (PLASTIC) - Population and demographics, Laws, Advertising and branding, Substitute goods, Tastes and fashion, Incomes and Complementary goods. 6 of 9 What is supply? The quantity of a product that producers are willing and able to provide at different market prices of a period of time. 7 of 9 What are the factors affecting supply? Technology, price of other goods, availability of resources, subsidies and tax, cost and external shock. 8 of 9 What is market equilibrium? When quantity demanded and supplied are equal in a market. 9 of 9
5 strategies for the BUSS4 pre-release - AQA A2 Business Studies BUSS4 pre-release 2014 - China - Business Review 0.0 / 5
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