economics unit 2 determinants

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