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Write a summary factors affecting demand:

Income: when you have a higher income, that means your total demands will increase
and the demand curve moves right.
Prices of Related Goods: when a fall in the price of goods A makes the demand for goods
B decrease, it’s called substitutes (are often pairs of goods that are used in place of each
other); when a fall in the price of goods A make the demand for goods B increase, it’s
called complements (are often pairs of goods that are used together).
Tastes: the most obvious determinant of your demand is your taste, economists normally
do not try to explain people’s taste but examine what happens when tastes change.
Expectations: Your expectations about the future may affect your demand for a good or
service today. If you expect the price of goods A to decrease tomorrow, you will be less
willing to buy it today.
Number of buyers: Market demand depends on the number of these buyers. If Peter were
to join Catherine and Nicholas as another consumer of ice cream, the quantity demanded
in the market would be higher at every price, and market demand would increase.

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