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Determinants of Market Demand
The various factors affecting Market demand are:-
(1) Size and composition of Population among Determinants of Market Demand
Market demand for a commodity is affected by the size of the population in the country. Increase in population in the country. Increase in population in the country. An increase in population raises the market demand, while a decrease in population reduces the market demand. The composition of the population, i.e., the ratio of males, females, children, and the number of older adults, also affects the demand for a commodity. For example:- if a market has a larger proportion of women, there will be more demand for articles of their use, such as lipstick, sarees, etc.
(2) Season and weather: –
Seasonal and weather conditions also affect the market demand for a commodity. For example: – during winter, demand for woolen clothes and jackets increases, whereas market demand for raincoats and umbrellas increases during the rainy season.
(3) Distribution of Income among Determinants of Market Demand
If income in the country is equitably distributed, then market demand for commodities will be more. However, if income distribution is uneven, i.e., people are either very rich or very poor, market demand will remain lower.
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Unit 5: Consumer’s Equilibrium and Demand
- Concept of Utility in Economics
- Measurement of Utility in Economics
- Total Utility and Marginal Utility
- Law of Diminishing Marginal Utility
- Conditions of Consumer’s Equilibrium
- Theory of Demand
- What is Demand in Economics
- Demand Characteristics
- Determinants of demand
- Determinants of Market Demand
- Demand Function In Economics
- Demand Schedule | Individual demand schedule | Market demand schedule