Economics - Demand

What is a market?

• Place where buyers and sellers meet to exchange goods and services for money.

• A gathering of people at a place.

• A physical place where persons meet to exchange goods and services.

• A place to advertise products and services.

From the following terms, choose which ones are elements of a market.

• Buyer

• Seller

• Discounts

• Returns

• Price

Distinguish between goods and services.

Explain what is meant by the term 'demand' in economics.

Identify the four Determinants of Demand.

Analyse any TWO Determinants of Demand. Give an example for each.

Differentiate between Complement and Substitute goods. Use examples.