An Overview of the Factors Affecting Individual Consumer Choice
In Prelim Economics, you will learn about factors affecting individual consumer choice. There are several factors that influence overall consumer choice. Consumer choice refers to the specific tastes and preferences that consumers hold, tying into the idea of consumer sovereignty. The factors that we focus on in the preliminary economics course are mainly external. They include:
- Income;
- Price;
- The price of substitutes and complements;
- Consumer preferences/tastes; and
- Advertising.
The video below goes into more detail about how consumer choice is influenced!
