5 demand shifters

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5 Terms

1

taste/ preferences

Ex: A product becomes a popular fad/ product goes out of fashion

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2

Income

Ex: Increase/ decease in people’s income

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3

Price of related goods: substitutes and complements

Ex: Price of complementary good increases. Prices of substitutes increase

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4

Number of consumers

Ex: population increases or decreases

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5

Future expectations

Ex: There is an expectation that the price of a product will fall soon

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