Economics

Economics

Number of Consumers
1. If consumers increase, so will demand, because there will be more consumers.
Price Expectations
1. If prices are expected to rise then demand will increase, as consumers will think they'll have to pay more if they wait.
Change of Income
1. less income means less demand. (not as much money to spend). More income means more demand, on normal goods, not on inferior goods.
Price of Substitutes
1. If there are changes in price of competing products then there will be a change in demand for the original product.
Complementary Products
1. If price for a complementary product increases then the demand for the original product will decrease.
Law
1. Legal changes can change demand - cigarettes - banning of public smoking.
Adverts
1. A successful advertising campaign can increase demand, due to consumers being more aware of the product and it's benefits.
Weather Conditions
1. Some products are seasonal, therefore the weather affects demand
Fashion
1. Products in fashion will increase in demand
Changes in Quality/Tastes
1. Improvements to a product will increase a demand

Zusammenfassung der Ressource

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