CA Foundation Exam > CA Foundation Videos > Business Economics for CA Foundation > Determinants of Demand
Determinants of Demand Video Lecture | Business Economics for CA Foundation
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FAQs on Determinants of Demand Video Lecture - Business Economics for CA Foundation
| 1. What are the determinants of demand? |  |
Ans. The determinants of demand refer to the factors that influence the quantity of a product or service that consumers are willing and able to purchase at a given price. These determinants include the price of the product, income of consumers, prices of related goods, consumer preferences, and population demographics.
| 2. How does the price of a product affect demand? | |
Ans. The price of a product has a significant impact on demand. In general, as the price of a product increases, the quantity demanded by consumers decreases, and vice versa. This is known as the law of demand. However, there are exceptions to this law, such as in the case of luxury goods where higher prices may actually increase demand due to their perceived status or exclusivity.
| 3. How does consumer income affect demand? | |
Ans. Consumer income is another important determinant of demand. As consumer income increases, their purchasing power also increases, leading to higher demand for most products. This is because consumers have more disposable income to spend on goods and services. On the other hand, if consumer income decreases, demand for certain goods and services may decline as consumers have less money to spend.
| 4. What is the impact of prices of related goods on demand? | |
Ans. The prices of related goods, such as substitutes and complements, can affect the demand for a particular product. Substitutes are products that can be used as alternatives to one another, such as Coke and Pepsi. If the price of one substitute increases, consumers may switch to the other substitute, leading to a decrease in demand for the higher-priced product. Complements, on the other hand, are products that are consumed together, such as peanut butter and jelly. If the price of one complement decreases, it may lead to an increase in demand for the other complement.
| 5. How do consumer preferences and population demographics impact demand? | |
Ans. Consumer preferences and population demographics also play a role in determining demand. Consumer preferences refer to the tastes and preferences of individuals, which can vary based on factors such as culture, age, and lifestyle. Changes in consumer preferences can lead to shifts in demand for certain products or services. Population demographics, such as age distribution and population size, can also impact demand. For example, an aging population may have different demand patterns compared to a younger population, leading to changes in the demand for certain goods and services.
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Video Description: Determinants of Demand for CA Foundation 2024 is part of Business Economics for CA Foundation preparation.
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