The nature of demand
Shifts in the demand curve
Real incomes - our income has gone up, increasing our demand for products e.g. strawberries, real incomes so after inflation.
Size and Age of population - If population goes down, demand for most goods will fall. Can consider further, what happens if popilation of older people goes up? demand for wheelchairs, carehomes etc goes up.
tastes and fashions - product suddenly becoming popular demand increases. e.g. onesie.
Price of substitute and compliments - substitute is a close alternative so if price falls for an alternative we may switch our demand to that e.g. price of lamb goes down; we buy lamb instead of beef.
Promotion and advertising - succesful promitions lead to a rise in demand,
A change in interest rates - Less income to spend on other things cost of borrowing money goes up, mortgage repayments rise demand for house decreaes, disposable income decreases.
Price elasticity of demand