Economics

mickileader.ml
Mind Map by mickileader.ml, updated more than 1 year ago
mickileader.ml
Created by mickileader.ml over 5 years ago
13
0

Description

Changes in the demand curve - why?
Tags

Resource summary

Economics
1 Number of Consumers
1.1 If consumers increase, so will demand, because there will be more consumers.
2 Price Expectations
2.1 If prices are expected to rise then demand will increase, as consumers will think they'll have to pay more if they wait.
3 Change of Income
3.1 less income means less demand. (not as much money to spend). More income means more demand, on normal goods, not on inferior goods.
4 Price of Substitutes
4.1 If there are changes in price of competing products then there will be a change in demand for the original product.
5 Complementary Products
5.1 If price for a complementary product increases then the demand for the original product will decrease.
6 Law
6.1 Legal changes can change demand - cigarettes - banning of public smoking.
7 Adverts
7.1 A successful advertising campaign can increase demand, due to consumers being more aware of the product and it's benefits.
8 Weather Conditions
8.1 Some products are seasonal, therefore the weather affects demand
9 Fashion
9.1 Products in fashion will increase in demand
10 Changes in Quality/Tastes
10.1 Improvements to a product will increase a demand
Show full summary Hide full summary

Similar

Using GoConqr to study Economics
Sarah Egan
Economics
Emily Fenton
Economics - unit 1
Amardeep Kumar
AN ECONOMIC OVERVIEW OF IRELAND AND THE WORLD 2015/16
John O'Driscoll
Using GoConqr to teach Economics
Sarah Egan
Functions of Money
hannahcollins030
Comparative advantage
jamesofili
GCSE - Introduction to Economics
James Dodd
PMP Formulas
Krunk!
Market & Technology Dynamics
Tris Stindt
Economic Growth
Maya Khangura