User:Rhulani5/sandbox

MICRO ECONOMICS

Demand And Supply

demand refers to the products and or services required in the market during a specific period.

the law of demand; consumers demand more when the price of specufic products or services decrease,but demand less when price of specific products or services increase.

FACTORS INFLUENCING DEMAND -Changes in income -Changes in taste and prefernces -Prices of other products -Changes in number of buyers in a given area
 * consumers buys more if their income increases and therefore buy less if their income decreases.
 * if the consumers decides to reduce spicies in their products or change their production it will leads to change in demand
 * e.g increase in price of patrol may lead to decrease in sales of cars
 * big holiday cities like durban,cape town earn more demand during holidays, likely december times

aurthor: nemutanzhela rhulani evans