Factors affecting demand
Understand the Problem
The question is asking about the various factors that influence demand in economics. This includes aspects like consumer preferences, income levels, prices of related goods, and external factors such as trends and economic conditions.
Answer
Price, income, quality, advertising, consumer confidence, taste changes, prices of related goods, consumers.
Factors that affect demand include product price, consumer income, perceived quality, advertising, consumer confidence, changes in taste and fashion, prices of related goods, and number of consumers.
Answer for screen readers
Factors that affect demand include product price, consumer income, perceived quality, advertising, consumer confidence, changes in taste and fashion, prices of related goods, and number of consumers.
More Information
Demand is influenced by various factors that can cause the entire demand curve to shift. These can be intrinsic, like changes in consumer preferences, or extrinsic, like changes in the price of related goods.
Tips
Confusing a shift in demand with a movement along the demand curve is common. Be clear about what causes shifts (such as changes in income) versus movements along the curve (such as changes in price).
Sources
- Factors affecting demand - Economics Help - economicshelp.org
- Reading: Factors Affecting Demand | Microeconomics - courses.lumenlearning.com
- Factors Affecting Demand - EconPort - econport.org
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