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Factors Affecting Demand What Factors affect Demand?
Demand Changes Why?
There are many factors beyond price that can cause changes in demand.
Because these changes can be difficult to predict, short lived, or relative, Demand Schedules and Demand Curve Graphs cannot adequately address them as they show change in quantity demanded in relation to the single factor of price.
Changes in these other aspects do not cause movement along a Demand Curve; they move the Demand Curve itself!
Changes that increase overall demand shift the Demand Curve to the right as the quantity demanded increases at all prices.
Changes that decrease overall demand shift the Demand Curve to the left as the quantity demanded decreases at all prices.
Factors that Change Demand
Factors that directly affect Demand can include:
Tastes and Trends
Increases in consumer income generally lead to an increase in the demand for goods, while decreases in consumer income have the opposite effect.
Goods whose demand increases as income increases are referred to as Normal Goods .
Goods whose demand decreases as income increases are referred to as Inferior Goods because they are replaced by higher quality goods.