Please enable JavaScript.
Coggle requires JavaScript to display documents.
Chapter 14 - Coggle Diagram
Chapter 14
Determinants of Demand
-
-
advertising, promotional offers and PR
-
-
-
-
-
-
-
-
-
-
-
Wealth
the combined value of savings, shares owned, your house etc.
Elastic
where the change in demand that results from a price change is greater than the change in price that caused it
Inelastic
where the change in demand that results from a price change is less than the change in price that caused it
-
-
-
-
in any market, price is always moving towards equilibrium
businesses respond to price change by adjusting their supply plans, customers do the same however with demand
-
-
-
-