International economic relations - Demand

4 important questions on International economic relations - Demand

What is the meaning of  ''demand determining factors''?

The underlying causes for the demand for their products

What are the demand determining factors?

  • Consumer needs
  • The price of the product
  • The price of other goods
  • The income of consumers and the size of the population

What is the pattern of consumption?

Customers satisfy their basic needs first and subsequently their other needs
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Why is education an important factor for the demand of products?

Consumers with a high education are more self-confident and less inclined to follow mass fashion trends then consumers with a lower education

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