Define the term demand.

Mark scheme

Marking points from the official mark scheme (May/June 2023). The mark or mark type is shown in brackets.

1. [2] (a) Knowledge of the term that demonstrates a clear understanding of the term.
2. [1] (a) Knowledge of the term that demonstrates a partial understanding of the term.
3. [0] (a) No creditable response.
4. [2] (a) Demand is the quantity of a product that customers are able/willing to buy at a given price (in a specific period of time).
5. [1] (a) The quantity that customers are able/willing/want to buy.
6. [1] (b) Knowledge of one relevant point is used to answer the question.
7. [2] (b) Developed application of one relevant point to a business context.
8. [1] (b) Limited application of one relevant point to a business context.
9. [0] (b) No creditable response.
10. [1] (b) One factor that influences the supply of a product is the price the product commands in the market.
11. [2] (b) Developed application of one factor – the price variations of a product – the supply is likely to increase as the price of the product rises in the market and falls as the price of the product falls in the market.
12. [1] (b) Limited application of one factor – fluctuations in the price of a product in the market will affect the supply of that product.