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.

Answered by Joel G. Economics tutor

6517 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

What is the different between an increase in demand and an extension in demand?


Explain how the UK tax and benefit system is used to redistribute incomes


Describe what is economies of scale?


Explain two advantages that firms may gain from a horizontal merger.


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2024

Terms & Conditions|Privacy Policy