Demand Concepts and Determinants

Demand Concepts and Determinants

Assessment

Interactive Video

Social Studies, Business, Economics

9th - 12th Grade

Practice Problem

Hard

Created by

Patricia Brown

FREE Resource

The video, produced by the Georgia Department of Education, reviews the determinants of demand and how they are represented on supply and demand graphs. It explains the indirect relationship between price and quantity demanded, and introduces the concept of determinants, which are factors other than price that affect demand. The video uses examples, such as the demand for cupcakes, to illustrate how changes in income or the introduction of substitute goods can shift the demand curve. It also covers the five key determinants of demand: changes in related goods, income, consumer expectations, preferences and tastes, and the number of buyers.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the relationship between the price of a product and the quantity demanded?

Direct relationship

Exponential relationship

Inverse relationship

No relationship

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the demand curve when a determinant of demand changes?

It moves up or down

It becomes a straight line

It remains unchanged

It shifts left or right

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the concept of ceteris paribus assume?

All variables are unpredictable

All variables change simultaneously

Only one variable changes while others remain constant

No variables change

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does an increase in income affect the demand for normal goods?

Demand becomes unpredictable

Demand increases

Demand remains the same

Demand decreases

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect of a cheaper substitute on the demand for a good?

Decreases demand for the good

Increases demand for the good

Has no effect on demand

Makes demand unpredictable

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are complements in terms of demand?

Goods that are substitutes

Goods that are used together

Goods that are identical

Goods that are unrelated

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a determinant of demand according to the Georgia standards?

Government regulations

Number of buyers

Consumer expectations

Changes in related goods

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