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Microeconomics - Coggle Diagram

- - - - intervention
        
        regulation, introduce on goods/services in order for individuals/firms behave certain way, ie ban pesticides potato farmer leads to decrease supply of potatoes cause price increase therefore decrease supply chips
        
        subsides, grant given to increase production or consumption of good, ie
- - - - income effect,
      - substitution effect,
      - diminishing marginal utility
  - - - future expectations
      - trends
      - related goods
        
        price of substitutes, products in competition with each other, success of one product result in negative impact on competitor, ie coke pepsi, rogers bell, apple android
        
        price of complementary, products bought at same time/consumed together, success of one product result in positive impact on compliment, ie shampoo conditioner, salt pepper, phone charger
        
        unrelated, price change of one good have no impact on demand of other, ie shirts and chicken
      - advertising
        
        more people aware of product, brand recognition without ads no cost
      - income
        
        normal, as income increase demand for good will increase, cause shift from d to d1, ie vacation, skincare, anything new
        
        inferior, as incomes decrease demand for good decrease, cause shift from d to d2, ie public transit, low quality
      - number of consumers
        
        demographic, change to size structure distribution of people, includes age, gender ratio, life expectancy, ie if declining birth rate likely decrease demand for diapers childcare, if high life expectancy likely increase demand for healthcare retirement homes
        
        government policy, ie introduced charge for singe use plastic bags increase demand and market size for reusable bags, plastic/paper straws (tax doesnt affect demand???)
      - seasonal