Economics
Speaker's notes
Determinants of demand
• No. and price of complementary goods – these are goods which are consumed together such as cars and petrol. If the price of petrol is too high, it may affect demand for cars in general
• Distribution of income – in the more wealthy areas of the country, particular products may be on more demand
Specifically affecting High Street Optician firms:
• No. and price of substitute goods – if a substitute or alternative good (contact lenses) is cheaper, people may switch to it, decreasing demand for that product. (Also if spectacles were being sold cheaper by on-line opticians, consumers may switch to it too)
• Expectations of future price changes – E.g. when people expected fuel prices to soar up, they started to buy a lot in order to stock up. If people expected the prices of spectacles to increase, they wouldn't stock up, they would consider buying a new pair now rather than later, or have an eye test done now rather than later.......
View the rest of this paper...
Approximate Word Count: 534
Approximate Pages: 3 (250 words per double-spaced page)
Why should you join Frat Files?
- - It's safe, secure, and private.
- - Instant access to over 100,000 papers. New papers are added hourly.
- - Fast and reliable customer support.
Similar Essays
-
Relationship Between Fiqh And Economics
Relationship between fiqh and Economics. The issue that will be discussed in
this essay is the relationship between fiqh and economics. ... -
Buddhist Economics
Buddhist Economics. ... The values found in Buddhist Economics are not applicable to
the modern west nor will they be, short of a mental and ethical revolution. ... -
Contribution Of Behavioral Economics To The
Contribution of behavioral economics to the. Contribution of behavioral
economics to the understanding between income and happiness ... -
Today'S Economics
Today's Economics. Economics ... dating). A professional working in economics
or having an academic degree in the subject is an economist. ... -
Overview Of Naked Economics
Overview of naked economics. Naked ... works. A lot of people find economics
as boring inexact science that does not pertain to them. ...
Frat Files
Members
Information
