ECONOMICS: Explain the nature of the law of demand by discussing individual demand and the four variables which alter it.

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13-11-2019
Social Studies

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ECONOMICS: Explain the nature of the law of demand by discussing individual demand and the four variables which alter it.

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karinau karinau · Answer 1 · 2019-11-14T22:33:33+01:00

Answer: The four variables which alter it are:

The price of the good in question: the more expensive a product is, the lower its demand will normally be.
The price of related goods:

Complementary: they are goods that are consumed together, it is not possible to consume one without also consuming the other.

Substitutes: those whose consumption is exclusive to each other, to consume one implies not to consume the other, since both satisfy the same need.

3. The disposable income.

4. Consumer preferences: tastes, preferences and fashion determine the behavior of the applicants regardless of prices or income.

Explanation:

Demand is the quantity of a good or service that the applicants are determined to acquire at a certain price and conditioned by a series of factors.

Individual demand is defined as the quantity and quality of goods and services that can be acquired by a consumer.