Consumer demand refers to the willingness and ability of consumers to purchase goods and services at various prices during a given period. It is influenced by factors such as income, preferences, prices of related goods, and expectations about future prices and income.

Consumer Demand

Consumer demand

Willingness to purchase

Ability to purchase

goods and services

various prices

given period

Influencing Factors

income

Consumer preferences refer to the subjective tastes and priorities of individuals that influence their purchasing decisions and are shaped by various factors such as cultural, social, psychological, and economic conditions. Understanding these preferences is crucial for businesses to effectively tailor their products and marketing strategies to meet the needs and desires of their target audience.

Consumer Preferences

prices of related goods

expectations about future prices

Expectations about future income

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