Define demand. Explain four determinants of demand.
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Demand :
Amount of goods and services a consumer is willing and able to buy at various prices in a given time period
Demand means desire/ wants for some thing, but in economics demand refers to effective demand that is the amount buyers are willing to purchase at a given price over a given period of time.
Determinants of demand:
1 - Price of good or service
2 - Income of buyers
3 - Prices of related goods or services
4 - Tastes of consumer
5 - Consumer exception
Similar questions
Income of buyers.
Prices of related goods or services. These are either complementary, those purchased along with a particular good or service, or substitutes, those purchased instead of a certain good or service.
Tastes or preferences of consumers.
Expectations. These are usually about whether the price will go up