The Economic Problem and Markets · Microeconomics

The Power of Demand

Analyzing how consumer preferences and income levels influence the quantity of goods purchased at various price points.

Key Questions

  1. 1How do consumers react when the price of a substitute falls?
  2. 2What hidden costs influence a buyer's willingness to pay?
  3. 3Why do some luxury goods defy standard demand logic?

National Curriculum Attainment Targets

GCSE: Economics - How Markets WorkGCSE: Economics - Demand and Supply
Year: Year 10
Subject: Economics
Unit: The Economic Problem and Markets
Period: Microeconomics

Suggested Methodologies

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