economics unit 2 determinants
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22 Terms
availability of substitutes
PED determinant
brand loyalty and habitual consumption
PED determinant
degree of necessity/luxury
PED determinant
income
PED determinant
cost of switching
PED determinant
changes in income
demand determinants
changes in price of substitue good (price good A increases, demand good B increases)
demand determinant
advertising
demand determinant
changes in population (age distribution)
demand determinant
changes in tastes and fashion
demand determinant
changes in price of complementary goods
demand determinant
cost of production
supply determinant
indirect taxes
supply determinant
subsidy
supply determinant
new technology
supply determinant
change in number of firms in the industry
supply determinant
weather events (droughts, flood, war)
supply determinant
degree of spare product capacity
PES determinant
level of stock
PES determinant
number of producers in the industry
PES determinant
time period
PES determinant
ease and cost of factor substitution
PES determinant
