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19 November, 21:49

What are the determinants of demand and provide the definition and example of each.

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  1. 19 November, 21:57
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    Examples of determinants of demand are:

    - The price of the good or service. - The nominal price of a good is its value in terms of money

    - The income of buyers. - available to purchase a good

    - The prices of related goods or services. - one of the other factors affecting demand

    - The tastes or preferences of consumers. - the subjective (individual) tastes, as measured by utility, of various bundles of goods.

    - Consumer expectations. - the feelings, needs, and ideas that customers have towards certain products or services

    If you have any questions feel free to ask in the comments. - Mark
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