Define Demand and enlist the determinants of Demand.
Answers
Answer:
The five determinants of demand are: The price of the good or service. The income of buyers. The prices of related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product. The tastes or preferences of consumers will drive demand.
In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time. The relationship between price and quantity demanded is also called the demand curve.
The five determinants of demand are: The price of the good or service. The income of buyers. The prices of related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product. The tastes or preferences of consumers will drive demand.