Tiêu đề Section 3.pdf ✅

AS / Level – Business (9609) – PAPER 1 – Short-Questions AATIK TASNEEM | AS / LEVEL: BUSINESS (9609) | 03041122845 3 (M/J 2017), Q4 (a) Define the term ‘demand’. [2] (b) Explain one factor that could influence the demand for restaurant meals. [3] Answer (a) Demand is regarded as the willingness and ability of consumers to buy goods and services at given prices over a given period of time. (b) One factor that could influence the demand for restaurant meals is changes in consumer income levels. When individuals experience an increase in disposable income, they are often more willing to spend on dining out and exploring restaurant options. Higher incomes may lead consumers to view restaurant meals as a convenient and enjoyable way to satisfy their dining preferences, contributing to an increase in demand for restaurant services. Conversely, during economic downturns or periods of reduced income, consumers may cut back on discretionary spending, including dining out, leading to a potential decrease in demand for restaurant meals. Therefore, shifts in consumer income levels play a significant role in influencing the demand dynamics within the restaurant industry.