What are the three factors that affect demand E... - SS1 Economics Factors Affecting Demand Question
What are the three factors that affect demand? Explain how each factor affects demand.
Three factors that affect demand include:
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Income of the consumer: The higher the income of consumers, the higher the demand for most goods and services.
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Price of substitutes: The availability and lower price of substitutes can decrease the demand for a particular good or service.
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Consumer preferences: Consumer preferences and tastes heavily influence the demand for goods and services.
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