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Relationship between prices of related goods and demand

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Relationship between prices of related goods and demand

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Depending on the type of related goods, a change in their price will produce different effect
Substitute goods are goods that satisfy similar needs and can replace the other goods. i.e. if Product A and B are substitute goods, I need either Product A or B and not both
An increase in the price of product A will result in an increase in the demand of product B if product B is a substitute good and vice versa.
Complementary goods are goods that are used together to satisfy some particular want. i.e. If good A and good B are complementary goods, I used both of them together and not individually
To identify if good B is a complementary good,  if the price of good A increase, the demand for good B will decrease and vice versa

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As income increases, there is both a possibility of an increase and a decrease in the demand for a particular product
The demand for normal goods will increase when income increases. The curve will shift rightwards in this situation and vice versa
However, for inferior goods, the demand will decrease as income increase, shifting the curve leftwards and vice versa. Inferior goods are cheap goods that only poorer people will purchase; richer people will purchase better items

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Relationship between expectations of buyers and demand

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Relationship between expectations of buyers and demand

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When consumers expect future change in prices, incomes or availability, it will change the demand

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Relationship between tastes and preferences and demand

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Relationship between tastes and preferences and demand

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The latest fads, fashion or trend will influence a consumer's preference to buy a particular product

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Relationship between number of buyers and demand

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Relationship between number of buyers and demand

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Direct.
Example, an increase in population growth will increase the number of buyers which increase the demand. The curve will shift rightwards in the above situation and vice versa.

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Other factors, apart from price, change
A change in other factors will shift the whole demand curve (left generally decrease the quantity demand and right generally increase the quantity demand)
Factors include number of buyers, taste and preference, expectations of buyers, income and price of related goods

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Only the price of the good is a variable in this situation; others remain constant
A change in the price will result in a movement along the demand curve (not shift the demand curve)

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A graph that shows the various quantity of produce consumers are willing to purchase at various prices during a specific period of time provided that nothing else change.
A change in demand (not quantity demand) occurs when other factors apart from price change. When that happens, the whole demand curve will shift

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Why does a higher price reduce quantity demand and vice versa?

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Why does a higher price reduce quantity demand and vice versa?

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Substitution effect: When the price of a product increase and nothing else change, it becomes relatively more expensive than similar products. People will hence buy the cheaper similar products
Income effect: When the price of a product rise and nothing else change, it affects people's ability to buy the product. Hence, they tend to avoid buying expensive items to cope within their financial budget

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The amount of goods and service that consumers intend to purchase during a given time period at a specific price
(Not to be confused with demand)

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Any arrangement where buyers and sellers interact (or an economic exchange occurs)
In economics, there are 2 types of market
Factor market is a place where factors of production (a.k.a. resources or inputs) are bought and sold. This includes the labour market, capital market or the market for raw materials

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More of good will be bought the lower its price; less will be bought the higher its price ceteris paribus (provided other factors remain the same)
The relationship between price and quantity demand is inverse.