ECONOMICS: Explain the nature of the law of demand by discussing individual demand and the four variables which alter it.
1 answer:
Answer: The <em>four variables</em> which alter it are:
The price of the good in question: the more expensive a product is, the lower its demand will normally be. The price of related goods: Complementary: they are goods that are consumed together, it is not possible to consume one without also consuming the other. Substitutes: those whose consumption is exclusive to each other, to consume one implies not to consume the other, since both satisfy the same need. 3. The disposable income.
4. Consumer preferences: tastes, preferences and fashion determine the behavior of the applicants regardless of prices or income.
Explanation:
Demand is the quantity of a good or service that the applicants are determined to acquire at a certain price and conditioned by a series of factors.
Individual demand is defined as the quantity and quality of goods and services that can be acquired by a consumer.
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