Investigate the factors which influence the demand for products and services in business with this video and activity worksheet combination.
The video explores the key factors which lead to a change in demand which include:
- Changes in the price of substitutes
- Changes in the price of complementary goods
- Changes in consumer incomes
- Fashions, tastes and preferences
- Advertising and branding
- Demographics
- External shocks
- Seasonality
The supporting activity worksheet contains 5 separate tasks for students to apply their knowledge of the factors which influence demand for products and services in business.
The resource includes an extension task and suggested answers.
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very good resource for the change in demand.
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