what r the factors which affect demand
Answers
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It is assumed that there are six main factors affecting the demand:
✌️income: when consumer`s income increases, he or she usually buys more goods which increases the demand
✌️prices of substitutes goods: when the price of substitute good (e.g. banana) increases, a consumer normally gives up at least some of its consumption and as a result the demand (e.g. for pinapple) increases
✌️prices of complementary goods: when the price of complementary good (e.g. coffee) increases, a consumer normally gives up at least some of its consumption and as a result the demand (e.g. for sugar) decreases
✌️number of consumers: when the number of consumers increases there are more people who buy the good and as a result the demand increases
✌️consumers´ tastes: when a consumer likes the good more he or she buys it more and the demand increases
✌️consumers´ future expectations: when consumers expect higher prices in the future, they buy more goods in order to avoid higher prices and as a result the demand increases
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✍The five Factors of demand are:
1】The price of the good or service Income of buyers.
2】Prices of related goods or services.
3】These are either complementary, those purchased along with a particular good or service, or substitutes, those purchased instead of a certain good or service.
4】Tastes or preferences of consumers Expectations.
5】These are usually about whether the price will go up.
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