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Explain the impact of recession on demand of any particular product?
Wiki User
∙ 15y ago
Let us take the example of holidays & vacations - tours and travels industry.
Due to recession, not many people are so interested in going for luxury vacations or exotic holidays. Many people are unsure of their jobs and hence want to cut down on their spending and also many people have lost their jobs due to the crisis and are currently not in a position to spend on such luxuries.
As a result the tourism industry and the hospitality industry are badly hit.
Wiki User
∙ 15y ago
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What is the demand expansion?
Demand Expansion refers to the situation where, the demand for a particular product is increasing across geographical boundaries.
What BEST describes the market demand for a particular product good?
The sum of all the individual demands for a particular good determines the market demand for the good.
Explain why the law of demand can apply only in a free market?
Because the free market is the entity that in itself dictates the law of supply and demand. If the purchasing public has a high demand for a product, then more of that product is produced. Conversely, if there is only a low demand for a product, less of that product is produced.
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
What is the between derived demand and joint demand?
Derived demand occurs when there is a change of customers' demand on particular product and produces have to buy new production equipment, which means that the change in consumer demand for a product affects demand for all firms involved in the production of that product. Joint demand has nothing to do with changing the production equipments. In this case, demand of the product depends on demand of its compliment. For example, demand on inc depends on demand on printers.
What is demand products?
Product demand is an economic term. The product demand describes the desire for a particular product that the public has.
What is the demand expansion?
Demand Expansion refers to the situation where, the demand for a particular product is increasing across geographical boundaries.
What BEST describes the market demand for a particular product good?
The sum of all the individual demands for a particular good determines the market demand for the good.
Explain why the law of demand can apply only in a free market?
Because the free market is the entity that in itself dictates the law of supply and demand. If the purchasing public has a high demand for a product, then more of that product is produced. Conversely, if there is only a low demand for a product, less of that product is produced.
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
What is the between derived demand and joint demand?
Derived demand occurs when there is a change of customers' demand on particular product and produces have to buy new production equipment, which means that the change in consumer demand for a product affects demand for all firms involved in the production of that product. Joint demand has nothing to do with changing the production equipments. In this case, demand of the product depends on demand of its compliment. For example, demand on inc depends on demand on printers.
What causes demand for farm products to decrease in the 1980s?
The Countywide Recession
Differences between Demand and quantity demand?
Demand refers to the entire relationship between the prices and the quality of the product. Quality demand refers to one particular point on the demand curve.
Explain the concepts of demand and supply?
if price of input for any product good is influence by
What will a decrease in the price of a particular product result in?
A decrease in the price of a particular product will result in higher demand. It may also result in shortages if the product cannot be produced fast enough for consumers.
Law of supply and demand which one starts?
In the law of supply and demand, the first to start is the demand as customers are wanting the particular service or product that is being offered.
Is it true during a recession demand for goods increases and employment rises?
Just the opposite happens. In a recession, unemployment increases and the demand for goods decreases.
