Factors that lead to change in demand or factors that determine demand
- Income: How much consumers have to spend.
- Consumer preferences: What types of products are popular at any given moment.
- Buyer expectations/speculation: Does the consumer expect the price to rise in the future, perhaps due to limited supply?
- Price: How much does the good or service cost?
- Prices of related items: Are there any substitute goods or services of similar value that cost a lot less?
- Change in season
- Change in government policy i.e. taxation and subsidization.
CATEGORIES Economics
TAGS Dr. Bbosa Science
