6 Conditions of Demand

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7 Terms

1
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The conditions

combine together to set position of the demand curve

2
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Consumer tastes and preferences =

what you like and don’t like. Tastes change.

  • Like more = more demand

  • Like less = less demand

3
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Consumers

purchasing power (income)

4
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Information about

the good

5
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Prices of

related goods

6
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Expectations of the

future availability of the good

  • Expect less available = demand goes up

  • Expect more available = demand goes down

7
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As the number of buyers in the market changes,

the market demand curve shifts in the same way