Explain the factors which determine the level of demand for a good or service
To answer this questions I would reccomend learning the following acronym WISPER CAT
The factors which affect the level of demand are:
Weather
Income
Substitute goods price
Population
Expectations of future prices
Rates - interest
Complimenaty good prices
Advertising
Trends and fashion
If any of the factors above are changed then the level of demand will be affected.
JG
Related Economics GCSE answers
All answers ▸What is the difference between the short run and long run?
Evaluate the case that economic growth is always beneficial to a country
What is the different between an increase in demand and an extension in demand?
What is the definition of an internal economies of scale?