Change in Demand What factors could cause people to be more or less willing to purchase a product?

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What factors affect demand?

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Change in Demand What factors could cause people to be more or less willing to purchase a product?

SPITE S ubstitutes P rice of related goods (compliments) I ncome T aste E xpectation

Substitutes A product that can be used in place of another product. Pepsi and Coke Big Mac and Whopper

Price of related goods Two goods that compliment one another Peanut butter and Jelly

Income The more money you have the more money you spend. The less money you have the less you spend. Taxes

Taste Fads Styles Trends

Expectation Buying season tickets to Chicago’s only major league baseball team because you think next year they will be in the world series. Go WhiteSox!!!!!!!

What changes demand? SPITE!