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Market - Coggle Diagram
Market
Demand
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Fashions, tastes, and preferences
These will increase sales in certain items, such as types of cars, clothing, and types of food.
External shocks
These are factors beyond the control of a business, such as: arrival of a competitor in the market; government legislation; economic climate; social factors, e.g. increase in social media; environmental factors, e.g. concern for the environment
Seasonality
This is demand for goods at different times of the year, e.g. Christmas goods, garden goods in spring.
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Demographics
The age of a population or its make up (more women than men) will influnece the demand for certain goods
Demand is the amount of a product that consumers are willing and able to purchase at a given price. Demand is important because it affects the attractiveness of a market and the potential for sales.
Supply
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The amount of a product that suppliers will offer to the market at a given price. The higher the price of a particular good or service the that will be offered (supplied) to the market. Supply is directly influenced by how accessible and profitable a market is for suppliers (businesses).
Markets
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Drawing and interpreting supply and demand diagrams to show the causes and consequences of price changes