Relevant market

Change in economic circumstances

Impact on demand (expansion, contraction, increase or decrease)

Relevant demand factor

Milk

An increase in the price of milk

Contraction of demand

Change in price of the good itself

Tickets to a BTS concert

An announcement that this will be their last concert (ever)

Increase

Tastes and preferences

Sennheiser headphones

An increase in the price of Sony headphones

Increase

Price of substitute

Ice cream

An extended period of cold weather

Decrease

Tastes and preferences

Calculators

The technology stores have a price war

Expansion of demand

Change in own price

Electric vehicles

An extended period of high petrol prices

Increase

Price of substitutes

Organic oranges

An increase in the price of organic apples

Increase

Price of substitutes

Childcare services

A decrease in the birth rate to record lows.

Decrease

Population

Houses

An increase in interest rates

Decrease

Discretionary income

Cinema tickets

The Federal Government decreases income tax rates

Increase

Disposable income

Weet Bix

An increase in the price of almond milk

Decrease

Price of complements