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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.
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.
What was Traded between the Far East and Europe was driven by demand for which goods?
coffe and stuff
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 indirect demand?
Indirect demand refers to the demand for goods or services that arises from the demand for another good or service. This can occur when one product is necessary for using another product, causing a ripple effect in the demand chain. For example, the demand for automobile tires is indirectly driven by the demand for automobiles.
What is the meaning dependent and independent in demand forecast?
In demand forecasting, "independent demand" refers to the demand for finished goods that is not influenced by the demand for other products, typically driven by external market conditions or customer needs. In contrast, "dependent demand" is derived from the demand for related items, such as components or raw materials needed to produce the finished goods. Understanding the distinction helps businesses accurately predict inventory needs and manage production schedules.
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+
What drives the demand for luxury goods in the market?
The demand for luxury goods in the market is driven by factors such as social status, exclusivity, quality, and brand image. Consumers often purchase luxury goods to showcase their wealth and social standing, as well as to experience a sense of prestige and luxury. Additionally, the perceived quality and craftsmanship of luxury goods, along with the brand's reputation and image, also play a significant role in driving demand for these products.
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.
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.
