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
Answered by Joel G. Economics tutor

7300 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

How can you calculate the Price and Quantity at a market equilibrium given the Demand curve P = 20 - Q and the Supply curve P = 3Q


Evaluate the use of supply side policies as a means of controlling UK inflation (30 marks)


What are some main solutions for consumption negative externalities, such as smoking?


Explain the law of demand with the help of a diagram.


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences