What are the different factors influencing Demand?
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Demand elasticity is the sensitivity of the demand for a good or service due to a change in another factor. There are many factors that influence a change in demand elasticity. These factors include price, income level and availability of substitutes.
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1. Needs and Motives:
Our need pattern play an important part in how we perceive things. A need is a feeling of discomfort or tension when one things he is missing something or requires something. Therefore, unsatisfied needs or motives stimulate individuals and may exert a strong influence on their perception. When people are not able to satisfy their needs they are engaged in wishful thinking which is a way to satisfy their needs not in the real world but imaginary world. In such cases, people will perceive only those items which suit their wishful thinking. Motives also influence the perception of people. People who are devious are prone to see others as also devious.
2. Self Concept:
Self concept indicates how we perceive ourselves which then influences how we perceive others and the situation we are in. The more we understand ourselves, the more we are able to perceive others accurately. For example, secure people tend to see others as warm and friendly. Less secure people often find fault with others. Perceiving ourselves accurately and enhancing our-self concept are factors that enhance accurate perception.
3. Past Experience:
Our perceptions are often guided by our past experiences and what we expect to see. A person’s past experiences mould the way he perceives the current situation. If a person has been betrayed by a couple of friends in the past, he would tend to distrust any new friendship that he might be in the process of developing.
4. Current Psychological State:
The psychological and emotional states of an individual are likely to influence how things are perceived. If a person is depressed, he is likely to perceive the same situation differently than if he is elated. Similarly, if a person is scared out of wits by seeing a snake in the garden, she is likely to perceive a rope under the bed as a snake.
5. Beliefs:
A person’s beliefs influence his perception to a great extent. Thus, a fact is conceived not on what it is but what a person believes it to be. The individual normally censors stimulus inputs to avoid disturbance of his existing beliefs.
Our need pattern play an important part in how we perceive things. A need is a feeling of discomfort or tension when one things he is missing something or requires something. Therefore, unsatisfied needs or motives stimulate individuals and may exert a strong influence on their perception. When people are not able to satisfy their needs they are engaged in wishful thinking which is a way to satisfy their needs not in the real world but imaginary world. In such cases, people will perceive only those items which suit their wishful thinking. Motives also influence the perception of people. People who are devious are prone to see others as also devious.
2. Self Concept:
Self concept indicates how we perceive ourselves which then influences how we perceive others and the situation we are in. The more we understand ourselves, the more we are able to perceive others accurately. For example, secure people tend to see others as warm and friendly. Less secure people often find fault with others. Perceiving ourselves accurately and enhancing our-self concept are factors that enhance accurate perception.
3. Past Experience:
Our perceptions are often guided by our past experiences and what we expect to see. A person’s past experiences mould the way he perceives the current situation. If a person has been betrayed by a couple of friends in the past, he would tend to distrust any new friendship that he might be in the process of developing.
4. Current Psychological State:
The psychological and emotional states of an individual are likely to influence how things are perceived. If a person is depressed, he is likely to perceive the same situation differently than if he is elated. Similarly, if a person is scared out of wits by seeing a snake in the garden, she is likely to perceive a rope under the bed as a snake.
5. Beliefs:
A person’s beliefs influence his perception to a great extent. Thus, a fact is conceived not on what it is but what a person believes it to be. The individual normally censors stimulus inputs to avoid disturbance of his existing beliefs.
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