1.2- How markets work
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4 Terms
1
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Factors affecting PES
1. how much spare capacity
2. availability of factors affecting production
3. stock levels
4. productivity
2
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Factors affecting PED
1. availability of substitutes
2. habit forming / addictive
3. necessity
4. proportion of income spent
5. brand loyalty
6. change in consumer preferences
3
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Factors affecting supply
1. technology
2. weather
3. costs
4. number of suppliers
4
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define indirect tax
a payment towards producers to reduce consumption + production of a good / service. Gov revenue is raised which can be used on health/schools…
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