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Demand Econ demand - Coggle Diagram
Demand
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Factors affecting demand
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Changes in tax on income
Consumers' tastes will keep changing, resulting in increased demand for products that satisfy their wants
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Changes in tastes, habits and fashion
When there is a change in the consumer’s income, their ability to pay or buy a product increases, increasing the demand for the product because more people can afford it.
Population change
Population change is when the population increases or decreases. If it increases, the demand for many goods will increase and vice versa
Diagram :
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How to draw a diagram
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3) draw the points of intersection between the price and quantity, then connect the dots with a line sloping downwards.
Definition and Meaning
Meaning :The demand curve shows that the lower the price the more people want to buy the product. It shows the change in demand
Definition : Demand is defined as the quantity of a good or a service that consumers are willing and able to buy.
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