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What two things are necessary for a consumer to have demand for a good or service?
Wiki User
∙ 12y ago
The desire for a good or service with the ability to pay for it.
Wiki User
∙ 12y ago
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What three things could cause the demand curve to shift to the left?
When income of the consumer decline demand curve shift left to downward.Assumption:income .population.taste .habbit.whether.expected future price.
Describe the law of demand?
A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease and vice versa.
What is law of demand and explain the factors affecting demand?
In other words, the law of demand states that the quantity demanded and the price of a commodity are inversely related, other things remaining constant. If the income of the consumer, prices of the related goods, and preferences of the consumer remain unchanged, then the change in quantity of good demanded by the consumer will be negatively correlated to the change in the price of the good. There are, however, some possible exceptions to this rule.
What are the disadvantages of consumer awareness?
Usually, consumer awareness brings good things, such as increased attention for a product or service. One possible disadvantage could be that too much exposure may lead to an unbalanced supply and demand situation.
How do you explain supply and demand?
DEMAND- Demand means the quantity of a commodity or service that a consumer is willing to by at given price,place and time. There are three elements of demand: 1.price of a commodity 2. quantity demanded 3.a specific time and place There are many types of demand,some of them are: price demand,income demand,cross demand or joint demand,composite demand,individual demand,market demand,etc. Law Of Demand: It explains the inverse relationship between the price and quantity demanded of a commodity. It states that other things remain constant,quantity demand of a commodity increases when its price declines and vice-versa. The other things which remain constant are income of consumers,price of relatedgoods,consumer taste and prefrences,etc. Demand curve always slopes downward due to law of demand. SUPPLY- Supply refers to the quantity of a commodity offered for sale at a given price,place[market] and time. Elements of supply- 1.It is a desired quantity,how much the producers are willing to sell not howmuch they actually sells. 2.price 3.market Law of Supply- It shows the direct relationship between price f a commodity andts supply. It statestht other things be equl,the supply of a commodity increases wih the increase in its price an vice-versa. Determinants of supply are: number of producers,taxes and subidies,natural factors,uture expectations regarding price. The supply curve is upward sloping because of the law of supply.
What three things could cause the demand curve to shift to the left?
When income of the consumer decline demand curve shift left to downward.Assumption:income .population.taste .habbit.whether.expected future price.
Describe the law of demand?
A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease and vice versa.
What is the purpose of consumer counseling service?
The term consumer counseling service is basically what it means to have a counselor giving you financial advice. A counselor can negotiate things such as late fees as well.
What is law of demand and explain the factors affecting demand?
In other words, the law of demand states that the quantity demanded and the price of a commodity are inversely related, other things remaining constant. If the income of the consumer, prices of the related goods, and preferences of the consumer remain unchanged, then the change in quantity of good demanded by the consumer will be negatively correlated to the change in the price of the good. There are, however, some possible exceptions to this rule.
What are the disadvantages of consumer awareness?
Usually, consumer awareness brings good things, such as increased attention for a product or service. One possible disadvantage could be that too much exposure may lead to an unbalanced supply and demand situation.
How do you explain supply and demand?
DEMAND- Demand means the quantity of a commodity or service that a consumer is willing to by at given price,place and time. There are three elements of demand: 1.price of a commodity 2. quantity demanded 3.a specific time and place There are many types of demand,some of them are: price demand,income demand,cross demand or joint demand,composite demand,individual demand,market demand,etc. Law Of Demand: It explains the inverse relationship between the price and quantity demanded of a commodity. It states that other things remain constant,quantity demand of a commodity increases when its price declines and vice-versa. The other things which remain constant are income of consumers,price of relatedgoods,consumer taste and prefrences,etc. Demand curve always slopes downward due to law of demand. SUPPLY- Supply refers to the quantity of a commodity offered for sale at a given price,place[market] and time. Elements of supply- 1.It is a desired quantity,how much the producers are willing to sell not howmuch they actually sells. 2.price 3.market Law of Supply- It shows the direct relationship between price f a commodity andts supply. It statestht other things be equl,the supply of a commodity increases wih the increase in its price an vice-versa. Determinants of supply are: number of producers,taxes and subidies,natural factors,uture expectations regarding price. The supply curve is upward sloping because of the law of supply.
Shift in the aggregate demand curve?
Remember that aggregate demand is composed of consumer spending, investment spending, government spending, and net export spending. Many things affect consumer spending. The main things are consumer wealth, consumer expectations, household indebtedness, and taxes. The wealthier the consumers, the more they will spend. The higher the consumer's expectations are, the more they will spend. The lower the consumer's indebtedness, the more they will spend. The lower their taxes are, the more they will spend. If consumer spending increases, the aggregate demand curve will shift to the right. As for investment spendings: interest rates and expected returns affect this variable. As interest rates decrease, there will be more investments made. The higher a business's expected return is, the more they will invest. If more investments are being made, the aggregate demand curve will shift to the right. Change in government spending is pretty self explanatory. The more government decides to spend, the more aggregate demand will increase and therefore, shift to the right. For net expert spendings, a rising national income would mean more US exports. Moreover, a depreciation of the dollar causes more US exports. The more net exports there are, the more aggregate demand will increase and therefore, shift to the right.
What three things must exist in order to have demand for a good or service?
desire, ability, and willingness to buy something
Which factors are considered for selecting the location for business?
Some things to consider would be position of competition, demographics, local policies, laws, and other government mandates, and consumer demand (for product).
What do you call people that buys things?
shopaholics!
How do you be a consumer?
By buying things.
How does culture impact buyer demand?
At a very basic level, culture dictates demand for certain items. Culture may only influence other consumer demands. Consider a strict Muslim culture. There will virtually no demand for alcoholic beverages. In a kosher Jewish community, there will be no demand for pork or deer meat. In Hindu society, no one will eat beef. These are extreme examples. Otherwise, in society driven by consumer consumption, much of the production resources will be devoted to consumer items. In the US, the culture is quite materilaistic. Judgments about the value of people is unfortunately based on the items they own and display. Based on this cultural standard, there is high buyer demand for items that are not necessities. Items like iPods, boats, and 12 bedroom homes continue to be in demand because the culture continues to value conspicuous consumption rather than frugality. Additionally, things as basic as blue jeans are mass produced because (1) they are a widely accepted manner of dress and (2) the demand is part of literally every household in the US. As a contrast, in the former USSR, production of consumer goods was regulated by the government. The deciding factor in production is not consumer demand. The culture changed to the point that the country no longer exists in its past form. That change in culture changed things that are produced in that country and the amounts in which they are produced.
