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Nov 27,2016
The demand for a commodity is essentially consumers attitude & reaction towards that commodity.
This demand in economics is the combination of the following 3 things:
1. Desire to purchase
2. Ability to pay
3. Willingness to pay
Determinants of Demand
a. Tastes
b. Number of Buyers
c. Income
d. Normal (Superior) & Inferior Goods
e. Prices of Related Goods
f. Substitutes & Complements
g. Unrelated Goods
h. Expectations