Demand
Individual vs market demand
Factors affecting demand
Diagram :
Definition and Meaning
Change in consumers income
Changes in tax on income
The prices and availability of other goods and services
Changes in tastes, habits and fashion
Population change
Population change is when the population increases or decreases. If it increases, the demand for many goods will increase and vice versa
Consumers' tastes will keep changing, resulting in increased demand for products that satisfy their wants
Complementary goods and substitution goods affect the demand of a good.
they will create what is called disposable income, meaning the leftover income people have after their taxes have been deducted.
When there is a change in the consumer’s income, their ability to pay or buy a product increases, increasing the demand for the product because more people can afford it.
Example of a diagram
Market demand :
Individual demand :
Market - total demand for that product from all consumers who are willing and able to buy
Individual - The demand of just one consumer
How to draw a diagram
2) label the y axis price of (the good) and x axis the amount of goods people will buy
1) Label the graph.
3) draw the points of intersection between the price and quantity, then connect the dots with a line sloping downwards.
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Meaning :The demand curve shows that the lower the price the more people want to buy the product. It shows the change in demand
Definition : Demand is defined as the quantity of a good or a service that consumers are willing and able to buy.