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ECON factors affecting Supply & Demand

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  FACTORS  AFFECTING SUPPLY  AND DEMAND  F CTORS FFECTING DEM ND  PRICE ã Demand of a product is negatively related to its price  –  as price increases, demand decreases. ã Products have different price sensitivity (the degree to which the price of a product affects consumers’ purchasing behaviors). ã A change in price does not result to a shift in demand, rather it causes the demand to move along the demand curve only. Rest of the factors on the other hand influences demand to shift either to left or right.  CONSUMER WEALTH AND INCOME ã Income. The sum of a household’s wages, salaries, profits, interests payments, rents, and other forms of earnings in a given period of time. It is a flow of measure. ã  Wealth. The total value of what a household owns minus what it owes. It is a stock measure. ã Consumers with higher income and accumulated savings can afford to buy more goods and services
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