Discuss the main factors that influence the demand for a particular good or service.

Factors that influence the demand for a particular good or service.

  • Own price of the commodity
  • Price of related goods ie substitutes and complements
  • Income levels of consumers
  • Tastes, fashions and preferences
  • Weather conditions eg demand for umbrellas and gumboots increases during the rainy season.
  • Government policy.
  • Expected changes in price of goods.



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