Factores que influyen en la demanda

ECONOSUBLIME

29 Nov 202008:55

Summary

TLDRThis video script explores the factors influencing the demand for a product, starting with the law of demand which states that as price increases, demand decreases and vice versa. It delves into the impact of prices of related goods, distinguishing between substitutes and complements, and how changes in consumer income affect demand, with a distinction between normal and inferior goods. The script also touches on consumer preferences, price expectations, income expectations, and the number of consumers as demand influencers, providing examples to illustrate each point and promising a deeper analysis in the next video.

Takeaways

💰 The demand for a product is the quantity that consumers are willing to purchase at a given price.
📉 The law of demand states that as the price of a good increases, the quantity demanded decreases, and vice versa.
👟 An example of the law of demand is purchasing more items when the price drops, like buying 3 pairs of shoes instead of 1 when the price falls from 60 euros to 20 euros.
🔄 The price of related goods affects demand, distinguishing between substitutes and complements.
🍏 Substitute goods are those that fulfill the same need, and an increase in the price of one typically increases the demand for the other, and vice versa.
🍦 Complement goods satisfy a joint need, and a decrease in the price of one complement good increases the demand for the other complement good.
💼 Income affects demand differently for normal goods and inferior goods; normal goods' demand increases with income, while inferior goods' demand decreases as people can afford higher quality alternatives.
📚 Examples of normal goods include books, sportswear, and technology products, which people tend to buy more of when their income increases.
🛒 Inferior goods, like cheaper store-brand cola, may see a decrease in demand as income rises and people opt for higher quality alternatives.
🏋️‍♂️ Tastes and preferences can change over time and influence demand for certain products, such as the shift towards home exercise during a crisis increasing the demand for weights.
📈 Expectations about future prices can alter current demand; if consumers expect prices to rise, they may increase their current purchases to avoid higher costs later.
💡 Expectations about future income also influence demand; if people anticipate higher future earnings, they may increase their spending, and if they expect lower earnings, they may cut back.

Q & A

What is the definition of demand for a good according to the script?
-The demand for a good is the quantity of that good that consumers wish to purchase at a certain price.
What is the Law of Demand and how does it relate to the price of a good?
-The Law of Demand states that as the price of a good increases, the quantity demanded decreases, and vice versa. It means that consumers will buy less of a product as it becomes more expensive.
Can you provide an example from the script that illustrates the Law of Demand?
-An example given in the script is the purchase of Converse sneakers. Initially priced at 60 euros, when the price dropped to 20 euros, the speaker bought three pairs instead of one, indicating an increase in the quantity demanded as the price decreased.
What are substitute goods and how do their prices affect the demand for each other?
-Substitute goods are those that fulfill the same need or want. If the price of one substitute good increases, the demand for the other substitute good also increases, and vice versa.
Can you give an example of substitute goods from the script?
-The script mentions pears and apples as substitutes if someone wants to buy fruit, or Coca-Cola and Pepsi as substitutes for a soft drink.
What are complementary goods and how do their prices influence each other's demand?
-Complementary goods are those that are used together to satisfy a single need. If the price of one complementary good decreases, the demand for the other complementary good increases, and vice versa.
How does the price of printers and ink cartridges relate to each other as complementary goods?
-Printers and ink cartridges are complementary goods. If the price of printers decreases significantly, the demand for printers increases, which in turn increases the demand for ink cartridges.
What are normal goods and how do changes in income affect their demand?
-Normal goods are those for which demand increases as income increases and decreases as income decreases. Most goods fall into this category.
What are inferior goods and how do they differ from normal goods in terms of income changes?
-Inferior goods are those for which demand decreases as income increases because consumers can afford higher-quality alternatives. Conversely, demand for inferior goods increases when income decreases.
How do personal tastes and preferences influence the demand for a product?
-Personal tastes and preferences can determine which products consumers choose to buy. Changes in these preferences over time can lead to changes in the demand for certain products.
What is the impact of consumers' expectations about future prices on the demand for a product?
-If consumers expect the price of a product to increase in the future, they are likely to increase their demand for it now, buying it before the price goes up. Conversely, if they expect prices to decrease, they may delay purchases, reducing current demand.
How does the number of consumers in a market affect the overall demand for goods?
-The number of consumers in a market generally has a direct impact on the demand for goods. An increase in the number of consumers typically leads to an increase in demand, while a decrease results in reduced demand.
What is the relationship between consumers' expectations about their future income and their current demand for goods?
-When consumers expect to earn more in the future, they tend to increase their current demand for goods. If they expect to earn less, they are likely to decrease their demand.

Outlines

00:00

📈 The Law of Demand and Price Influence

This paragraph introduces the concept of demand, explaining how it is the quantity of a good that consumers wish to purchase at a certain price. It emphasizes the Law of Demand, which states that as the price of a good increases, the quantity demanded decreases, and vice versa. The paragraph uses the example of Converse sneakers to illustrate how a price drop can increase the quantity demanded. It also touches on the impact of the price of related goods, distinguishing between substitutes and complements, and how changes in their prices can affect the demand for each other.

05:01

💰 Factors Influencing Demand Beyond Price

The second paragraph delves into additional factors that influence demand besides the price of the good itself. It discusses the role of consumer income, differentiating between normal goods, where an increase in income leads to increased demand, and inferior goods, where an increase in income decreases demand due to consumers opting for higher-quality alternatives. The paragraph also covers how tastes and preferences can change over time, affecting demand, and the impact of expectations about future prices and income on current demand levels. It concludes by mentioning the number of consumers and how it directly correlates with the overall demand in a market, providing examples of how seasonal changes in consumer numbers, such as during tourist seasons, can affect demand.

Mindmap

Keywords

💡Demand

Demand refers to the quantity of a product that consumers are willing to purchase at a given price. It is central to the video's theme, as it explains the various factors that can influence consumers' willingness to buy. For example, the script mentions that as the price of a product increases, the demand for that product typically decreases, illustrating the inverse relationship between price and demand.

💡Price of the Good

The price of the good itself is a key determinant of demand. The video script explains that, generally, as the price of a product increases, the quantity demanded decreases, and vice versa, which is known as the law of demand. An example provided is the purchase of Converse sneakers, where a price drop from 60 euros to 20 euros led to an increase in the quantity demanded from one to three pairs.

💡Substitute Goods

Substitute goods are products that can satisfy the same need or desire. The script explains that when the price of one substitute good increases, the demand for another substitute good that can fulfill the same need also increases. This is demonstrated with the example of fruit, where if the price of pears goes up, consumers might switch to buying apples instead.

💡Complementary Goods

Complementary goods are items that are used together to satisfy a need. The video script uses the example of printers and ink cartridges, which are used together for printing documents. If the price of one complementary good decreases, it can increase the demand for the other, as consumers are more likely to buy a printer if ink cartridges are affordable.

💡Income

Income is the money received by individuals, which affects their purchasing power and, consequently, their demand for goods. The video script differentiates between normal goods, for which demand increases with higher income, and inferior goods, for which demand decreases as income increases because consumers can afford higher-quality alternatives.

💡Normal Goods

Normal goods are items for which demand increases as consumers' income rises. The script provides the example of books, sportswear, and technology products, which people are likely to buy more of if their salary increases, reflecting the direct relationship between income and demand for normal goods.

💡Inferior Goods

Inferior goods are those for which demand decreases as consumers' income increases because they can afford higher-quality options. The video script contrasts branded cola with the store's own, lower-quality brand, which is considered an inferior good. As income rises, demand for the inferior brand decreases.

💡Preferences

Preferences are the tastes or inclinations of consumers that influence their purchasing decisions. The video script notes that preferences can change over time, as seen during the COVID-19 crisis when many people increased their preference for home exercise, leading to increased demand for home exercise equipment and a decrease in gym attendance.

💡Price Expectations

Price expectations refer to consumers' beliefs about future price changes for a product. The video script explains that if consumers expect a product's price to rise, they may increase their demand for it now to avoid paying more later, as illustrated by the increased demand for seafood before Christmas due to anticipated price increases.

💡Income Expectations

Income expectations are consumers' beliefs about their future earnings. The video script suggests that if consumers expect to earn more in the future, they may increase their current demand for goods, anticipating an increase in purchasing power. Conversely, if they expect to earn less, they may reduce their demand.

💡Number of Consumers

The number of consumers in a market affects the overall demand for goods. The video script indicates that an increase in the number of consumers, such as during tourist seasons in cities with beaches, leads to an increase in demand for various products. Similarly, a decrease in the number of consumers, such as during bad weather affecting tourism, results in decreased demand.

Highlights

The demand for a good is the quantity that consumers wish to purchase at a given price.

The law of demand states that as the price of a good increases, the quantity demanded decreases, and vice versa.

An example given is buying Converse sneakers, where a price drop from 60 euros to 20 euros led to an increase in the quantity demanded.

The impact of the price of related goods, distinguishing between substitute and complementary goods.

Substitute goods increase in demand when the price of another substitute good increases, and vice versa.

Complementary goods have an inverse relationship where a price decrease in one leads to an increase in demand for the other.

Income levels affect demand, with normal goods seeing increased demand as income rises and decreased demand as income falls.

Inferior goods are an exception, where increased income leads to decreased demand for lower-quality alternatives.

Tastes and preferences can change over time and affect the demand for products, as seen with the increase in home exercise during the COVID-19 crisis.

Expectations about future prices can influence current demand, with anticipated price increases leading to higher current demand.

Anticipated income changes also affect demand, with expectations of higher future income leading to increased current demand.

The number of consumers in a market directly impacts the overall demand for goods.

Seasonal variations, such as tourist influxes, can significantly alter the number of consumers and demand for goods.

The concept of demand curves shifting due to changes in various factors affecting demand.

A summary of all factors influencing demand, setting the stage for further analysis in subsequent videos.