Asked by Kaitlyn Simon on Apr 26, 2024
Verified
Discuss the basic determinants for an individual's demand for a specific good or service.
Determinants
Factors that can influence the outcome of a certain situation or the value of a specific variable in economics.
Demand
The quantity of a particular good or service that consumers are willing and able to purchase at a given price level.
- Analyze the elements that influence consumer demand for goods and services.
Verified Answer
CS
Christian SalcedoApr 30, 2024
Final Answer :
The basic determinants of an individual's demand for a specific product are (1)preferences or tastes, (2)income, and (3)the prices of other goods. The utility data will reflect consumer preferences.
Learning Objectives
- Analyze the elements that influence consumer demand for goods and services.