Answer to Question #215774 in Economics of Enterprise for Alfred

Question

What are the types of demand derteminats?

Answer 1

Solution:

Demand determinants refer to the various factors that ascertain or dictate the demand for goods and services by consumers.

The types of demand determinants include the following:

·        Price of a good or service.

·        Incomes of consumers.

·        Tastes and preferences of consumers.

·        The population of consumers in the market or consumer’s base.

·        Income distribution.

·        Consumer’s expectations with regard to future prices.