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determinances of demand
« on: February 13, 2016, 05:21:55 AM »
For the vast majority of goods, when a good falls in price more people buy it. This is because they are gaining consumer surplus. The market demand consists of the sum of all effective demand of households.

The demand curve is downward sloping because when the price falls, the quantity demanded increases.

Determinates of demand

The following factors may influence demand, shifting the demand curve to the left if there is less demand and to the right if there is an increase in demand.

    Changes in taste
    Changes in the price of relative goods
    Changes in income
    Changes in the distribution of income
    Changes in the size and distribution of the population
    Changes in marketing strategy
    Changes in the expectation of future price levels
    Changes in the law
    Changes in the quality and reputation of goods
    Introduction of a new product
    Availability of credit

source -thestudentroom.co.uk
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