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Economics

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Factors that affect the demand of a good or service?

To remember some of the factors that affect the demand of a good or service, just learn the mnemonic PIPCA:Price (of the product)Income Price of substitutes Consumer tasteAdvertisement

Answered by Maria N. • Economics tutor

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What are causes of globalisation?

Improvements in transport infrastructure and operations: Resulted in quick, reliable and cheap methods to allow production to be seperated around the world. 2. Improvements in IT and communication: ...

Answered by Jamie A. • Economics tutor

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8 What is likely to happen when the rate of interest increases? A) consumer spending increases B) firms buy fewer machines C) people hold more cash D) savers earn lower rewards

Answer:B)not A) because: higher interest = more expensive to borrow thus they hold less money and have less to spendnot C) because higher interest = more expensive to borrow thus they do not hold more cas...

Answered by • Economics tutor

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A football club raises all stadium seat prices by 5%. The demand for seats falls by 1% in zone W, by 3% in zone X, by 5% in zone Y and by 6% in zone Z. In which zone is the responsiveness of demand for seats to the price change elastic?

zone Z

Answered by • Economics tutor

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Explain how exchange rates are determined in a floating exchange market

In a FOREX market the exchange rate for a currency is determined by demand and supply provided it is a floating exchange rate. A floating exchange rate means that the rate will change with supply and dema...

Answered by Jerin G. • Economics tutor

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