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in 3 to 4 sentences, explain some of the factors that causes changes in demand and why it is important for consumers to understand these changes

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jeffEDGE69
Income is not the only factor that causes a shift in demand. Other things that change demand include tastes and preferences. the composition or size of the population is a reason. the prices of related goods, and even expectations. It’s important for people to recognize because as demand increases, the available supply also decreases. But if supply decreases, prices may increase. Supply and demand have an important relationship because together they determine the prices of most goods and services.

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Answer:

"Demand changes when the quantity demanded at every price changes. This happens when consumers’ willingness and ability to buy changes. Demand shifts can be caused by changes in income and in consumer tastes and preferences. Demand is also influenced by changes in the price of a complementary good or in the price of a substitute. Demand shifts cause changes in markets. When consumers understand the basics of demand they understand that their buying choices are important. Consumer demand influences which goods and services are available, the quantities available, and the prices of the goods and services we buy."

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