asked 220k views
3 votes
General economic conditions and product demand drive the demand for transportation. This is known as

a) Market fluctuation
b) Demand elasticity
c) Demand-pull
d) Supply and demand equilibrium

asked
User K L
by
8.8k points

1 Answer

2 votes

Final answer:

The correct term for how general economic conditions and product demand drive the demand for transportation is 'demand-pull'. This concept is a reflection of the various factors that can cause shifts in the demand and supply curves for goods and services.

Step-by-step explanation:

The student's question refers to the concept that general economic conditions and product demand drive the demand for transportation.

The correct term for this is demand-pull, which is an economics term used to describe the increase in supply needed to meet increased demand driven by consumers.

Moreover, when there are shifts in demand and supply for goods and services, various factors come into play, such as changes in tastes, population, income, prices of substitutes, and government regulations, all of which can shift the demand and supply curves and cause different quantities to be demanded or supplied at any given price.

answered
User Misha
by
8.3k points
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