what factors affect demand?

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Terms in this set (19)
positive effect of normal goodIt is the product most people buy when they have normal incomepositive effect of inferior goodIt is the product people go to with low incomepositive effect of substituteIt gives people more choice in the product they are looking for\negative effect of income effectWith lower income, demand will dropnegative effect of substitution effectwhen demand drops on a substitute another will rise in demandnegative effect of change in demandIf a producer cant keep up with change in demand they will lose profitsnegative effect of normal goodif inferior goods rise then the normal goods will fall in demandnegative effect of inferior goodIf income never drops then inferior goods will stay in the minoritynegative effect of substituteIf the demand never drops for a item then the substitutes will never be picked up