Understanding Demand in Economics

What happens when the price of a product goes up?

• More people buy it.

• Fewer people buy it.

• The price does not affect demand.

• Everyone buys the same amount.

What does "demand" mean in economics?

• The price of a product.

• How much people want to buy something.

• The number of stores selling a product.

• The amount of money people have.

Why do people buy less when prices go up?

• Prices do not affect buying decisions.

• They don’t like expensive things.

• They have limited money.

• Sellers stop selling the product.

Which of these is an example of the law of demand?

• Ice cream sales increase in summer.

• People buy fewer concert tickets when prices go up.

• A company sells more products after advertising.

• A store lowers prices but sells the same amount.

What happens when petrol prices increase?

• Petrol demand stays the same.

• People buy more petrol.

• People drive less.

• Petrol disappears from stores.

What is "price elasticity"?

• How much demand changes when price changes.

• The price of rubber products.

• The way sellers decide their profits.

• The number of people selling a product.

What can change demand besides price?

• The weather.

• People's income.

• Fashion trends.

• All of the above.