Reference no: EM132518150

List and describe the determinants of demand. Five of the most common determinants of demand are:

• The price of the goods or service, as the price of the goods increases, fewer people will be interested in buying the goods or product.
• The income of the buyers, the more money the buyers have, the more likely that their purchases would increase.
• The price of related goods, These are either complementary or substitutes
• The preference of the buyer, a consumer believes prices for the product will rise or fall in the future., and
• The population of the buyers.