Please enable JavaScript.
Coggle requires JavaScript to display documents.
Fruit Shop Economics (Demand (Inelatstic demand: Demand for certain…
Fruit Shop Economics
Demand
Inelatstic demand: Demand for certain products that are necessities degardless of price
Lower Price there is more demand (vice versa)
Substitute Goods: are goods that people will often replace with a cheaper not as good products .
Influence on buyers is trends, advertising and income
Needs: Products essential for survival
Wants: purchased for reasons other than necessity
Production
The way that the food came to be in the stores
Factors of productions
Capital includes all things that are needed e.g. prices and fees
Labour
Natural:
Natural resources
Relative scarcity : Unlimited wants but limited resources
Supply
Producers will supply more if the receive a profitable amount
Cost of resources
Availabilty
Efficiency of resource use
Markets
Refers to the buyers and manufacturing of a good or service
Stock is determined by customers sovereignty
Caters for many culture as that is what is wanted by customers
What is it
The production and consumption of foods and services