00:01
The primary factor that affects law would be prices.
00:14
Supply is sloping upward, demand is sloping downward.
00:18
So as price increases, the quantity supplied goes up.
00:23
However, it's the opposite for demand.
00:29
Another one would be income.
00:38
So income can cause demand to shift to the right if it's a normal good.
00:45
Or it could shift to the left if it's a luxury good.
00:54
Or it could shift to the left if it's an inferior good.
00:57
So if it goes this way, this is a normal good.
01:04
And if it goes the other way, it would be the inferior good.
01:10
So if the income goes up, they actually would buy less of it if it's inferior.
01:17
Next one is consumer preferences.
01:19
If a product becomes more popular, demand increases.
01:22
However, if it's less popular, it would make sense it would decrease.
01:33
Next, availability of substitutes.
01:36
If there are close substitutes for a product, they can easily switch to the substitute if the price of the original product increases.
01:51
That can lead to a decrease in demand for the original product.
01:57
The next one is technology...