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Title: AS Business - Demand
Description: Detailed notes on what demand is and how it is affected
Description: Detailed notes on what demand is and how it is affected
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Demand
Demand is the amount of the products that consumers are willing and able to purchase at any given price
...
Demand Curves
Demand schedules can be used to draw demand curves
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It’s slopes downwards from left to right
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Changing the price of a product or service will lead to a change in demand
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Demand Schedule and Curve for Button Mushrooms
Price Per Kilo - £
Quantity Demanded - 000 Kilos
0
...
5
2
2
...
5
2
1
...
5
0
0
20
40
60
80
100
120
Quantity Demanded (000 Kilos)
Factors Leading to a Change in Demand
Price has a significant influence on demand
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Factors Affecting Demand
Price of
Substitutes
Price of
Complements
Consumer
Incomes
Fashions and
Trends
Advertising and
Branding
Demographics
External Shocks
Age
Competition
Gender
Government
Geographical
Distribution
Economic
Climate
Ethnic Groups
Social and
Environmental
Factors
Price of Substitutes
Most products have substitutes, if the price of a substitute product falls the quantity demanded increases
...
Price of Compliments
Consumers sometimes purchase certain goods together
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Demand for products are affected by the price of their complimentary
goods, if the price of milk increased the demands for cereals would decrease
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When
income rises the demand for goods also increases
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For inferior goods demand decreases as income increases
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Something that may be
popular one year may not be popular next year therefore demand would decrease
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If products are
heavily advertised, then demand is likely to increase
...
To distinguish products, they give them a name, term or
symbol
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Demographics
This population grows there will be an increase in demand for nearly all products
...
This will have had an
effect on demand patterns
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Gender - there is slightly more women than men in the UK
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Geographical Distribution - an increasing number of people live in urban areas as a result the
demand schools and hospitals in these areas have increased
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External Shocks
Factors beyond the control of businesses can have an impact on demand for products
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Government - raising taxes could dampen demand for many products because spending power
would be curbed
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Economic Climate - if the economy is growing demand for products tends to rise
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Social and Environmental Factors - demand for some products might be affected by changes in
society
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This has increased
the demand for mobile phones, apps, tablets, smartphones and related services
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For example in the UK demand for garden furniture rises in spring when the weather
starts to improve
...
Title: AS Business - Demand
Description: Detailed notes on what demand is and how it is affected
Description: Detailed notes on what demand is and how it is affected