Save
...
Theme 1: Marketing and People
1.2 The Market
1.2.1 Demand
Save
Share
Learn
Content
Leaderboard
Share
Learn
Cards (74)
Demand is the quantity of a product or service that consumers are both willing and able to purchase at a specific
price
Consumers must be willing to purchase a product or service, which means they must have the necessary financial
ability
The demand curve slopes downward, indicating that as the price decreases, the
quantity demanded
increases.
What does Qd represent in the demand equation?
Quantity demanded
Demand refers to the specific amount consumers are willing and able to buy at a particular price.
False
Match the concept with its description:
Demand ↔️ Quantity consumers are willing and able to buy at various price levels
Quantity Demanded ↔️ Specific amount consumers are willing and able to buy at a particular price
The law of demand states that as the price of a product increases, the
quantity demanded
decreases, and vice versa.
Summarize the relationship between price and quantity demanded according to the law of demand:
1️⃣ Price increases
2️⃣ Quantity demanded decreases
3️⃣ Price decreases
4️⃣ Quantity demanded increases
What happens to the quantity demanded for coffee if the price increases from $3 to $5 per cup?
It decreases
The demand curve graphically represents the relationship between price and
quantity
The relationship between price and quantity demanded is expressed as
Q
d
=
Qd =
Q
d
=
f
(
P
)
f(P)
f
(
P
)
, where Qd is the quantity demanded and P is the price
Match the aspect with its corresponding description:
Definition ↔️ Total quantity consumers are willing and able to buy at various price levels
Curve ↔️ Represented by the demand curve
What is the quantity demanded for smartphones if the price is $500?
The specific amount sold
Demand refers to the quantity of a product or service that consumers are both willing and
able
The demand curve typically slopes
downward
.
What does Qd represent in the equation
Q
d
=
Qd =
Q
d
=
f
(
P
)
f(P)
f
(
P
)
?
Quantity Demanded
The quantity demanded is the specific amount consumers are willing and able to buy at a particular
price
The demand curve shows the specific amount consumers are willing and able to buy at a particular price.
False
Demand refers to the quantity of a product or service that consumers are both willing and
able
The demand curve is represented by a point on the graph.
False
What is the law of demand?
Inverse relationship between price and quantity demanded
As the price increases, the quantity demanded
decreases
The law of demand applies only when all other factors remain
constant
.
What does P represent in the equation Qd = f(P)</latex>?
Price
Match the effect of price changes on quantity demanded:
Price Increases ↔️ Quantity Demanded Decreases
Price Decreases ↔️ Quantity Demanded Increases
What are the factors summarized in the equation Qd = f(P, Y, Pr, E, D, S)</latex>?
Price, Income, Related Goods, Expectations, Demographics, Seasonality
Consumer income is represented by the variable
Y
Consumer expectations can
influence
demand.
Match the factor with its effect on demand:
Price ↔️ Inverse Relationship
Consumer Income ↔️ Direct Relationship
Seasonality ↔️ Periodic Changes
What is a movement along the demand curve caused by?
Change in price
A shift of the demand curve is caused by factors other than
price
A shift of the demand
curve
moves the entire curve left or right.
What equation represents a movement along the demand curve?
Q
d
=
Qd =
Q
d
=
f
(
P
)
f(P)
f
(
P
)
Demand refers to the quantity consumers are willing and
able
to purchase at a specific price.
What are the key components of demand?
Willingness and Ability
The demand curve slopes downward because as price decreases, the
quantity demanded
increases.
The law of demand states that as price increases, the quantity demanded
decreases
What is the relationship between price and quantity demanded?
Inverse
The inverse relationship between price and
quantity demanded
applies when other factors remain constant.
Q
d
Qd
Q
d
in the formula
Q
d
=
Qd =
Q
d
=
f
(
P
)
f(P)
f
(
P
)
represents the quantity demanded.
See all 74 cards
See similar decks
1.2.1 Demand
Edexcel A-Level Business > Theme 1: Marketing and People > 1.2 The Market
44 cards
1.2.1 Demand
Edexcel A-Level Business > Theme 1: Marketing and People > 1.2 The Market
44 cards
Theme 1: Marketing and People
Edexcel A-Level Business
1077 cards
1.2.3 Price Elasticity of Demand
Edexcel A-Level Business > Theme 1: Marketing and People > 1.2 The Market
47 cards
1.2.2 Supply
Edexcel A-Level Business > Theme 1: Marketing and People > 1.2 The Market
57 cards
1.2 The Market
Edexcel A-Level Business > Theme 1: Marketing and People
212 cards
1.2.4 Income Elasticity of Demand
Edexcel A-Level Business > Theme 1: Marketing and People > 1.2 The Market
34 cards
1.4 Managing People
Edexcel A-Level Business > Theme 1: Marketing and People
277 cards
1.1.1 The Market
Edexcel A-Level Business > Theme 1: Marketing and People > 1.1 Meeting Customer Needs
11 cards
1.4.5 Leadership
Edexcel A-Level Business > Theme 1: Marketing and People > 1.4 Managing People
90 cards
1.4.1 Approaches to Staffing
Edexcel A-Level Business > Theme 1: Marketing and People > 1.4 Managing People
57 cards
1.3 Marketing Mix and Strategy
Edexcel A-Level Business > Theme 1: Marketing and People
287 cards
Edexcel A-Level Business
4742 cards
1.1 Meeting Customer Needs
Edexcel A-Level Business > Theme 1: Marketing and People
72 cards
4.3 Global Marketing
Edexcel A-Level Business > Theme 4: Global Business
174 cards
1.1.2 Market Research
Edexcel A-Level Business > Theme 1: Marketing and People > 1.1 Meeting Customer Needs
36 cards
4.3.2 Niche Markets
Edexcel A-Level Business > Theme 4: Global Business > 4.3 Global Marketing
30 cards
4.3.1 Marketing Approaches
Edexcel A-Level Business > Theme 4: Global Business > 4.3 Global Marketing
29 cards
1.1.3 Market Positioning
Edexcel A-Level Business > Theme 1: Marketing and People > 1.1 Meeting Customer Needs
25 cards
1.4.3 Organisational Design
Edexcel A-Level Business > Theme 1: Marketing and People > 1.4 Managing People
34 cards
1.4.2 Recruitment, Selection, and Training
Edexcel A-Level Business > Theme 1: Marketing and People > 1.4 Managing People
14 cards