Trial of pregnant British woman charged with drug trafficking begins

The video tutorial introduces the concept of demand in economics, explaining its significance and how it affects market dynamics.

What is the primary focus of the concept of demand in economics?

• Production costs

• Consumer needs and wants

• Supply of goods

• Government regulations

Which of the following is NOT a factor affecting demand?

• Consumer income

• Price of related goods

• Technological advancements

• Weather conditions

How does an increase in consumer income generally affect demand?

• Demand fluctuates randomly

• Demand decreases

• Demand remains unchanged

• Demand increases

What role do substitute goods play in determining demand?

• They stabilize demand

• They have no effect

• They increase demand for the original product

• They decrease demand for the original product

In what way can understanding demand be applied in real-world scenarios?

• To determine government policies

• To set competitive pricing strategies

• To enhance technological development

• To predict stock market trends