Demand and Supply Factors

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Urbanization

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Demand and Supply Factors

Demand

Population

Number of consumers will increase

More people will know of the yogurt ice cream store

Tastes and Preferences

Consumers will be more drawn to buy yogurt ice cream

Consumption of yogurt benefits one's health

Income

Normal good: Singaporeans will be able to afford the yogurt ice cream

Increase in demand

Prices of related goods

Substitutes: There are different stores in AMK selling ice-creams as well.

Supply

Subtopic