2nd October 2019

yourarticlelibrary
15

What are the seven determinants of demand?

The following are the factors which determine demand for goods:
  • Tastes and Preferences of the Consumers:
  • Incomes of the People:
  • Changes in the Prices of the Related Goods:
  • The Number of Consumers in the Market:
  • Changes in Propensity to Consume:
  • Consumers' Expectations with regard to Future Prices:
  • Income Distribution:

Similarly, it is asked, what are the main determinants of supply?

Supply Determinants. Aside from prices, other determinants of supply are resource prices, technology, taxes and subsidies, prices of other goods, price expectations, and the number of sellers in the market. Supply determinants other than price can cause shifts in the supply curve.

What are the factors that influence demand?

The demand for a product will be influenced by several factors:
  • Price. Usually viewed as the most important factor that affects demand.
  • Income levels.
  • Consumer tastes and preferences.
  • Competition.
  • Fashions.

What are the five factors of demand?

The various factors affecting demand are discussed below:
  • Price of the Given Commodity: It is the most important factor affecting demand for the given commodity.
  • Price of Related Goods:
  • Income of the Consumer:
  • Tastes and Preferences:
  • Expectation of Change in the Price in Future:
Write Your Answer

Rate

60% people found this answer useful, click to cast your vote.

3 / 5 based on 3 votes.

Bookmark

Press Ctrl + D to add this site to your favorites!

Share