Economics Chapter on Demand and Supply Factors
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Questions and Answers

How does an increase in consumer income typically affect the demand for goods and services?

  • It leads to rations of goods and services.
  • It decreases demand as consumers save more.
  • It has no effect on demand.
  • It increases demand due to greater purchasing power. (correct)

    • Which factor would likely decrease the supply of goods and services produced?

  • A reduction in the price of related goods.
  • Technological advancements improving efficiency.
  • Increased input costs for production. (correct)
  • A rise in the number of suppliers in the market.

    • What is the 'bandwagon effect' in relation to consumer demand?

  • It refers to consumers buying products solely based on advertising.
  • It is when consumers refuse to purchase a new product after others have stopped.
  • It indicates a decrease in demand due to product saturation.
  • It describes consumers buying goods at the same time as many others, increasing demand. (correct)

    • Which of the following conditions would likely lead to an increase in supply?

    <p>Technological advancements enabling greater production capabilities.</p> Signup and view all the answers

    If a substitute product's price rises significantly, what effect does this have on the supply of the original product?

    <p>It may increase the demand for the original product, affecting supply positively.</p> Signup and view all the answers

    How do seasonal factors generally influence supply and demand?

    <p>They create temporary spikes in demand or supply for seasonal products.</p> Signup and view all the answers

    What impact does consumer taste and preference have on product demand?

    <p>A shift in tastes can lead to decreased demand for in-demand products.</p> Signup and view all the answers

    Future expectations of price changes can influence supply. How might producers respond if they anticipate higher prices in the future?

    <p>They might hold back current supply in anticipation of higher prices.</p> Signup and view all the answers

    Ano ang epekto ng pagtaas ng kita ng mga mamimili sa kanilang demand para sa mga kalakal at serbisyo?

    <p>Tataas ang demand</p> Signup and view all the answers

    Paano nakakaapekto ang panlasa at kagustuhan ng mga mamimili sa demand para sa isang produkto?

    <p>Nagiging mas mataas ang demand kung ang produkto ay ayon sa kasalukuyang mga panlasa</p> Signup and view all the answers

    Ano ang maaaring mangyari sa supply ng mga kalakal kung tumaas ang mga gastos sa mga input?

    <p>Babawasan ang supply</p> Signup and view all the answers

    Paano nakakaapekto ang bilang ng mga mamimili sa demand ng isang produkto?

    <p>Mas maraming mamimili ay nagdudulot ng pagtaas ng demand</p> Signup and view all the answers

    Ano ang epekto ng pagbagsak ng presyo ng isang kaugnay na produkto sa demand ng orihinal na produkto?

    <p>Babawasan ang demand para sa orihinal na produkto</p> Signup and view all the answers

    Paano ang impluwensya ng teknolohiyang pagbabago sa supply ng mga kalakal?

    <p>Magiging mas mababa ang cost ng produksyon at tataas ang supply</p> Signup and view all the answers

    Ano ang maaaring mangyari sa supply kung maraming prodyuser o nagtitinda ang gumagamit ng isang produkto?

    <p>Tataas ang supply</p> Signup and view all the answers

    Ano ang maaaring maging epekto ng mga inaasahang pagbabago sa presyo sa supply ng mga kalakal?

    <p>Maaari itong humantong sa pagliit ng supply kung mataas ang inaasahang presyo</p> Signup and view all the answers

    Study Notes

    Factors Affecting Demand (Besides Price)

    • Income: Higher income leads to greater purchasing power, increasing demand for goods.
    • Tastes and Preferences: Products aligning with consumer preferences see increased demand.
    • Related Goods: The price of substitute goods or complementary goods influences demand for a product.
    • Population: Larger populations can boost the demand for certain products.
    • Consumer Expectations: Anticipated future price changes can affect current demand.
    • Seasonality: Demand can change with the time of year

    Factors Affecting Supply (Besides Price)

    • Technology: Advancements in technology can increase production efficiency and supply.
    • Input Costs: Rising costs of materials, labor, or other production factors reduce supply.
    • Number of Suppliers: More producers lead to greater supply in the market.
    • Government Regulations: Government policies affecting production affect supply.
    • Producer Expectations: Anticipated price changes can influence the amount producers are willing to supply.
    • Weather Patterns: Natural disasters or changes can disrupt production, reducing supply.

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    Description

    This quiz covers various factors that influence demand and supply in economics, beyond just price. Explore how income, tastes, technology, and regulations play a crucial role in market dynamics. Test your understanding of how these elements interact to shape consumer behavior and production levels.

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