GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Buying power
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Competition
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Labor costs
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Production costs
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Detailed explanation-1: -Income. Income has the ability to influence the buying behavior of a person. Higher income gives higher purchasing power to consumers.
Detailed explanation-2: -The personal factors include age, occupation, lifestyle, social and economic status and the gender of the consumer. These factors can individually or collectively affect the buying decisions of the consumers.
Detailed explanation-3: -The factors that affect people’s purchasing power consist of four independent variables, namely economic growth (X1), per capita income (X2), inflation (X3), and consumer credit (X4).
Detailed explanation-4: -In general, there are four factors that influence consumer behaviour. These factors impact whether or not your target customer buys your product. They are cultural, social, personal and psychological.