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Different Products and Factors which Affect their Demand and Supply - Assignment Example

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The researcher of the following paper states that there are various factors which affect the demand for a product. The main factor which affects the demand for a product is its ‘Price’. The Law of Demand states that: As the price of a good increase, its quantity demanded decreases and vice versa. …
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Different Products and Factors which Affect their Demand and Supply
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Download file to see previous pages Similarly, any decrease in the price of a commodity will increase its quantity demanded that will result in an extension of demand i.e. movement along the same curve towards a higher level of quantity demanded. Any other factors other than price which affects the demand for a product will result into a change in its demand at every level; hence the whole demand curve will shift from its original position and will operate on a new demand curve formed on the basis and magnitude of the change. Some factors which affect the demand for a product are changes in the income level of a person, changes in the distribution of income, advertising, and marketing of the product, consumer’s taste, fashion or trend, credit facilities associated with the product, the price of substitute goods and complementary goods etc. Any changes are population are also considered to be a factor which influences the demand, however, it is considered to be a long-term factor, any changes in a population usually occur over a large period of time. The market for convenience foods is expanding rapidly even though there are various programs and efforts directed to inform the people about its adverse effects on human health. Some people believe that it contains a lesser amount of nutrients and a higher amount of fats, preservatives, taste enhancers etc. Despite the concerns associated with it, the demand for convenience food is on the rise as the quality or taste of the food and female employment has increased. More people are attracted towards these nearly ready-to-eat meals as they feel it saves time and is more convenient than usual cooking. The market for convenience foods is expected to expand further which means there will be further increases in its demand, this could be due to different factors such as a change in taste, fashion, lower price, higher quality etc.
The price of good always plays an important role in determining what quantity will be demanded by the consumers. The price of convenience foods is expected to decrease as newer and efficient factors and methods of production are been used. ...Download file to see next pagesRead More
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