What are the determinants of demand?
Understand the Problem
The question is asking about the various factors that affect demand in economics. This involves understanding the different elements that influence consumer purchasing decisions, such as price, income, preferences, and the prices of related goods.
Answer
Price, income, prices of related goods and services, tastes and preferences, and expectations.
The final answer is price, income, prices of related goods and services, tastes and preferences, and expectations.
Answer for screen readers
The final answer is price, income, prices of related goods and services, tastes and preferences, and expectations.
More Information
The five determinants of demand significantly influence consumer behavior and can cause shifts in the demand curve. Understanding these will help in analyzing market dynamics.
Sources
- The 5 Determinants of Demand Explained - Outlier Articles - articles.outlier.org
- Demand and the determinants of demand (article) - Khan Academy - khanacademy.org
- 5 Determinants of Demand With Examples and Formula - The Balance - thebalancemoney.com
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