1465271
Description
Mind Map by mickileader.ml, updated more than 1 year ago
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Created by mickileader.ml
about 10 years ago
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Economics
- Number of Consumers
- If consumers increase, so will
demand, because there will be
more consumers.
- If consumers increase, so will
demand, because there will be
more consumers.
- Price Expectations
- If prices are expected
to rise then demand
will increase, as
consumers will think
they'll have to pay
more if they wait.
- If prices are expected
to rise then demand
will increase, as
consumers will think
they'll have to pay
more if they wait.
- Change of Income
- less income means less demand.
(not as much money to spend).
More income means more demand,
on normal goods, not on inferior
goods.
- less income means less demand.
(not as much money to spend).
More income means more demand,
on normal goods, not on inferior
goods.
- Price of Substitutes
- If there are changes in price
of competing products then
there will be a change in
demand for the original
product.
- If there are changes in price
of competing products then
there will be a change in
demand for the original
product.
- Complementary Products
- If price for a complementary
product increases then the
demand for the original
product will decrease.
- If price for a complementary
product increases then the
demand for the original
product will decrease.
- Law
- Legal changes can change
demand - cigarettes -
banning of public smoking.
- Legal changes can change
demand - cigarettes -
banning of public smoking.
- Adverts
- A successful advertising
campaign can increase
demand, due to consumers
being more aware of the
product and it's benefits.
- A successful advertising
campaign can increase
demand, due to consumers
being more aware of the
product and it's benefits.
- Weather Conditions
- Some products are seasonal,
therefore the weather affects
demand
- Some products are seasonal,
therefore the weather affects
demand
- Fashion
- Products in fashion will
increase in demand
- Products in fashion will
increase in demand
- Changes in Quality/Tastes
- Improvements to a product
will increase a demand
- Improvements to a product
will increase a demand
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