Determinants of Demand

T

T

change in tatses/preferences

R

change in price of related goods

substitute

goods that are interchangeable

complement

goods that are often used together

I

change in income

normal goods

goods for which an increase in income leads to an increased demand

inferior goods

goods to which an increased income leads to a decreased demand

B

change in number of buyers

e

change in consumer expectations about future price, quality, availability