![]() ![]() In drawing the demand schedule or the demand curve for a good we take income of the people as given and constant. The greater the incomes of the people, the greater will be their demand for goods. The demand for goods also depends upon the incomes of the people. On the contrary, when certain goods go out of fashion or people’s tastes and preferences no longer remain favourable to them, the demand for them decreases. The changes in demand for various goods occur due to the changes in fashion and also due to the pressure of advertisements by the manufacturers and sellers of different products. People’s tastes and preferences for various goods often change and as a result there is change in demand for them. A good for which consumers’ tastes and preferences are greater, its demand would be large and its demand curve will therefore lie at a higher level. An important factor which determines the demand for a good is the tastes and preferences of the consumers for it. ![]()
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