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Demand : - Coggle Diagram
Demand :
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Definition: Demand is the amount of a good that consumers are willing and able to buy at a given price.
The amount of a good depends on:
the price of the good
the income of the consumers
the demand for alternative goods which could
be used(substitutes)
the demand for goods used ta the same time(complements)
whether consumers like the good(consumer taste)
External shock
Definition: effects on businesses which cant be controlled this means that certain items demand can increase/decrease
Types of external shock:
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Outbreak of war (tanks, guns)
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