Meaning of Population In Economics - SS1 Economics Past Questions and Answers - page 1
What does population mean in economics?
The total number of individuals or entities in a geographic area
The number of businesses in a particular industry
The number of products available in a market
The total number of consumers in a market
What are some characteristics that can define a population in economics?
Age, gender, and education
Type of product, price, and promotion
Type of business, size, and revenue
Type of industry, competition, and profit margins
Why is the concept of population important in economics?
It helps to understand the demand and supply patterns of a market
It helps to identify the best marketing strategies for a product
It helps to determine the optimal production levels for a business
It helps to measure the effectiveness of government policies on the economy
Which of the following is NOT a characteristic that can define a population in economics?
Type of product
Age
Size of the business
Consumer preferences
What types of factors can influence the demand and supply patterns of a market?
Demographic and behavioral factors
Economic and political factors
Technological and environmental factors
All of the above
Define population in economics.
Population in economics refers to the total number of individuals or entities in a particular geographic area or market segment who share certain characteristics.
Why is the concept of population important in economics?
In economics, the population is an important concept because it helps analysts and policymakers to understand the demand and supply patterns of a market, as well as the social and economic factors that influence these patterns.