Demand (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
ShowHide
Practise the questions
13 questions from this quiz
What does demand refer to in business?
What does demand refer to in business?
Quantity consumers will buy at different prices
What relationship exists between price and quantity demanded?
What relationship exists between price and quantity demanded?
Inverse relationship
Why do people buy less when prices rise?
Why do people buy less when prices rise?
Limited budgets & less attractive option
What happens when prices fall?
What happens when prices fall?
More people buy & existing buy more
Which direction does a demand curve slope?
Which direction does a demand curve slope?
Downward from left to right
What causes movement along a demand curve?
What causes movement along a demand curve?
Only price changes
What does a rightward shift in demand mean?
What does a rightward shift in demand mean?
More demanded at every price
How do rising income levels affect demand?
How do rising income levels affect demand?
Increase purchasing power & demand
What are substitute goods?
What are substitute goods?
Similar products that replace each other
Which are complementary goods?
Which are complementary goods?
Cars and petrol
How do lower interest rates affect demand?
How do lower interest rates affect demand?
Shift demand right for big purchases
Why is insulin an exception to the law of demand?
Why is insulin an exception to the law of demand?
It's essential with no substitutes
What is the Veblen effect?
What is the Veblen effect?
Luxury goods more desirable when pricey