Types of Demand And Supply (With Curves) - SS2 Economics Past Questions and Answers - page 1
Which type of demand refers to the effect that changes in the price of one product have on the demand for another related product?
Price demand
Income demand
Cross demand
Seasonal demand
Which type of supply refers to the amount of resources that are available to produce a product?
Price supply
Technological supply
Resource supply
Seasonal supply
Which type of demand is represented graphically by a downward sloping curve?
Price demand
Income demand
Cross demand
Seasonal demand
Which type of supply is represented graphically by a vertical line?
Price supply
Technological supply
Resource supply
Seasonal supply
Which type of demand is represented graphically by a positively sloping curve?
Price demand
Income demand
Cross demand
Seasonal demand
Define Seasonal demand and give one relevant example
Seasonal demand refers to the effect that changes in the seasons or weather have on the demand for a product or service. It is shown graphically by the seasonal demand curve, which is a curve that represents the relationship between the time of year and the quantity demanded of a product or service. For example, demand for air conditioners and ice cream is high during the summer, while demand for winter jackets and hot cocoa is high during the winter.
Define Resource supply and give one relevant example.
Resource supply refers to the amount of resources, such as labour, raw materials, and energy, that are available to produce a product. It is represented graphically by the resource supply curve, which is a curve that represents the relationship between the quantity of resources used in production and the quantity supplied. Examples of products with resource supply include food, clothing, and construction materials.