When studying demand, A-Level students should think about some important points:
Price of the Good: Usually, when prices go up, demand goes down. This is known as the law of demand. For example, if coffee prices rise, people might choose to buy less coffee.
Income Levels: When people have more money, they often want to buy more usual goods. For example, if someone has extra cash, they might buy more fancy or luxury items.
Consumer Preferences: What people like can really affect demand. If health trends start supporting vegan diets, more people might want to buy plant-based foods.
By understanding these points, students can better figure out how demand changes!
When studying demand, A-Level students should think about some important points:
Price of the Good: Usually, when prices go up, demand goes down. This is known as the law of demand. For example, if coffee prices rise, people might choose to buy less coffee.
Income Levels: When people have more money, they often want to buy more usual goods. For example, if someone has extra cash, they might buy more fancy or luxury items.
Consumer Preferences: What people like can really affect demand. If health trends start supporting vegan diets, more people might want to buy plant-based foods.
By understanding these points, students can better figure out how demand changes!