Scottish Economy

In: Business and Management

Submitted By HayleyWk
Words 1034
Pages 5
Introduction
Demand is a quantity of a good or service which consumers are willing and able to buy at a particular price in a certain period of time. This is known as effective demand.
Supply is defined by price. If price is high then the quantity supplied will also be high. Is the price is low then the quantity supplied will be low.
Market equilibrium is set by the market. It is decided by how much to producer is happy to supply the goods demanded at a common price for consumers.

Question 1
The market which this report will look at is the Apple iPhone. The iPhone was first created in 2007 when Steve Jobs (Apple Inc Founder) introduced a wide screen iPod with touch screen controls and was able to be used as a mobile phone.
Three determinants of demand which affect the iPhone are:
Buyers Tastes and Preferences
The tastes and preferences of a buyer may change because of personal preferences or advertising. If an advertising campaign is successful then the demand for the iPhone will increase as it has been made more appealing to consumers. Similarly an increase in the brands popularity will also cause the demand for the iPhone to rise.
A Change in Income
A change in consumers real income will also affect the demand for the iPhone. As smart phones are considered a ‘normal good’ and not a luxury, if income levels rise then the demand for normal goods will also rise.
Advances in Technology
After the release of the first iPhone in 2007 Apple realised their problems with the first iPhone and used this information to develop the iPhone 3G. The denser graphics and faster internet speeds made this model more appealing to consumers.

Question 2
The market which this report will look at is the Apple iPhone. The iPhone was first created in 2007 when Steve Jobs (Apple Inc Founder) introduced a wide screen iPod with touch screen controls and was able to be…...

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