Question

Let's break it down into more technical terms, Demand work like this, it is the prices that the consumers are willing and able to purchase goods and services at, and that brings us to the law of demand which is that the demand and price can vary. Determinants of Demand is a shift that only occurs when one or more of the Determinants of Demand changes. Determinants have five major key points which are?

Answer 1

Answer:

-Income of buyers

-Consumer expectation

-Taste of consumers

-Price of the goods or services

-Price of related goods or services

Explanation:

Income of buyers: When there is a rise in income of buyer then demand would increase. Also when there is a fall in buyer's income, demand would decrease.

Consumer expectation: If consumers perceive that there would likely be an amount increase in price of certain commodities then demand for such commodities would increase now.

Taste of consumers: If the taste, preference or emotions of buyers changes in favour of a product then there would be increase in demand for such product and vice versa.

Price of the goods or services: The higher the price of a product, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

Price of related goods or services: When there is an increase in the price of goods that are related, demand for the goods with lower price will increase