Question

Explain five determinant of demand

Answer 1

Explanation:

The Five Determinants of Demand:

1. The price of the good or service.

2. The income of buyers.

3. The prices of related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product.

4. The tastes or preferences of consumers will drive demand.

5. Consumer expectations. Most often, this refers to whether a consumer believes prices for the product will rise or fall in the future.

For aggregate demand, the number of buyers in the market is the sixth determinant.

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