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How changes in consumer tastes and consumer incomes affect demand?
If consumer income increases, demand will increase. If income decreases, there is less money to spend, so demand for products that are not necessary will decrease. Consumer tastes influence what products are in demand. This can change over time, so a product that is in high demand may become a low demand product and visa versa.
What are consumer expectations?
Consumer Demand is how much of something that consumers are wanting. A company needs to know the consumer demand so they know how much of a product to make. Consumer demand is the amount of people that want a particular item. Lets say the supply is 100 items of something and only 10 people want it, not demand. If there is 100 of something and 200 people want it, that is demand.
How does the consumer influence what goods and services will be produced?
The basic economic theory states that "When there is demand efforts will be made to satisfy this demand by virtue of supply." Now in an economic system the consumer dictates the demand and so the supply has to satisfy the demand.So the suppliers have to model their products and services which corresponds to demands of the consumers.
When the price of a product is increased the quantity demanded decreases demand for this product is?
when the price of product increased the porchasing powre of consumer is foll so he will decreases his quantity demand for that product.
Why is jewelry an elastic demand?
Let me rephrase the question: Why is demand for jewelry elastic? Or why is price sensitivity high for jewelry? Firstly, the consumer has a low/nil income. The lower the income, the higher the probability that he/she has high price sensitivity. E.g. if a student is buying jewelry, he/she'll probably go right for the cheaper range of jewelry and not the branded jewelry. On the other hand, if the consumer is rich, he/she won't care so much about the price of the jewelry. Secondly, the jewelry item has many close substitutes for it. If there are many close (and cheaper) substitutes, the consumer has more choice. So it is likelier that he/she might choose the cheaper substitutes if he/she thinks that one item is priced out of the market.
How changes in consumer tastes and consumer incomes affect demand?
If consumer income increases, demand will increase. If income decreases, there is less money to spend, so demand for products that are not necessary will decrease. Consumer tastes influence what products are in demand. This can change over time, so a product that is in high demand may become a low demand product and visa versa.
What are consumer expectations?
Consumer Demand is how much of something that consumers are wanting. A company needs to know the consumer demand so they know how much of a product to make. Consumer demand is the amount of people that want a particular item. Lets say the supply is 100 items of something and only 10 people want it, not demand. If there is 100 of something and 200 people want it, that is demand.
Why are cocoa products in high demand worldwide?
So you are asking why chocolate is in high demand. Well, everybody wants chocolate, silly! It is in high demand because people want it.
How did World War 1 benefit American workers?
The first World War found America needing massive quantities of war supplies. This put factory workers in high demand, and benefited but i didn't. so................
If the wii is so high in demand why don't they make more?
They do. The demand is so big that its pretty hard to catch up with it...
How does the consumer influence what goods and services will be produced?
The basic economic theory states that "When there is demand efforts will be made to satisfy this demand by virtue of supply." Now in an economic system the consumer dictates the demand and so the supply has to satisfy the demand.So the suppliers have to model their products and services which corresponds to demands of the consumers.
What roles do consumer's play in energy policies?
You vote with your dollar bill. The supply will follow the demand, so demand clean energy and efficiency by buying products they share the same ideas. Utility and product companies will follow the consumers want around. So its your job as a consumer to know what you want and demand it. Don't let the the industry drive your beliefs.
Why is dill so expensive?
Low supply, high demand.
When the price of a product is increased the quantity demanded decreases demand for this product is?
when the price of product increased the porchasing powre of consumer is foll so he will decreases his quantity demand for that product.
How does war impact society for the better?
War increases demand on items so production and employment increases due to this demand. It offers opportunity for more employment.
What abuses gave rise to consumer advocacy?
companies could afford to ignore consumers' wishes because there was so much demand for their goods and services. As a result, they were often able to command high prices for products of poor quality
Why is the price of lamb so high?
Demand is more than supply
