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What is secondary demand?
It is the demand for specific goods/services of a firm. Due to differentiation of goods in the industry.
What are the 4 characteristics of business demand?
the 4 characteristics of business demand are derived demand, fluctuating demand, stimulating demand and finally demand elasticity!
What generates a demand for goods and services?
PRICE
How do consumers affect a business?
Consumers can affect a business based on consumptions of goods. The amount of goods that are bought and sold affect the profit and loss of a business.
What are the advantages of business competition?
"The principle advantage is efficient allocation of resources. When many suppliers compete for the business of consumers, prices gravitate toward costs of production and scarce resources are used for those goods and services for which there is real demand. Competition thereby produces maximum economic value from given resources, and uses minimum resources to supply a given demand."
What is a demand driven?
Usually the prices of goods and services are demand driven. When the demand for an item is high its price usually goes up and similarly when the price of an item is low its price usually goes down.
What was Traded between the Far East and Europe was driven by demand for which goods?
coffe and stuff
When trying to decide what to produce business will look at the demand for their goods.?
When trying to decide what to produce, businesses will look at the demand for their goods.
To encourage consumption demand for goods was stimulated by?
Increased Business Competition
What type of economy when trying to decide what to produce business will look at the demand for their goods?
market.
What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
How do complements affect demand?
Because of complimentary goods demand increase.
When trying to decide what to produce business's will look at the demand for their goods what type of economy best fits the description?
market A+
Will there always be a demand for goods?
Goods fill needs; so as long as there is human life, there will be a demand for goods.
How does price help to connect the availability of goods to the demand for goods?
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
What has driven Africa's trade?
Demand,
What do you call in economic terms buying and selling of goods?
Demand and Supply. Demand= buying goods and services. Supply=selling goods and services.
