5 Demand Shifter Factors
1. Number of Buyers: increase or decrease in people wanting to but things in the market.
2. Tastes: what is in fashion at the time, fads, or stores stop selling things because of the change in season
3. Income: A rise or fall in income that causes consumers to buy either normal goods or inferior goods. Normal goods are any name brand good and inferior goods are any off-brand goods.
4. Expectations of Buyers: what consumers think will happen to goods because of outside services
5. Price of Related Goods: Prices of substitutes and compliments cause changes in demand. A substitute is a similar good to the product that is being produced. It competes for more consumers with the product. A compliment is something you buy along with the product. They come hand-in-hand normally, like peanut butter and jelly.
2. Tastes: what is in fashion at the time, fads, or stores stop selling things because of the change in season
3. Income: A rise or fall in income that causes consumers to buy either normal goods or inferior goods. Normal goods are any name brand good and inferior goods are any off-brand goods.
4. Expectations of Buyers: what consumers think will happen to goods because of outside services
5. Price of Related Goods: Prices of substitutes and compliments cause changes in demand. A substitute is a similar good to the product that is being produced. It competes for more consumers with the product. A compliment is something you buy along with the product. They come hand-in-hand normally, like peanut butter and jelly.