I want to highlight 4 most important factors which determine the demand for a product:
1. Price : Price of the product greatly influences the demand for the product.
2. Prices of the substitute goods :
Ex: If price of coffee increases then consumers shift to tea.
3. Income of the consumer: In case of luxury goods if std. Of living increases their demand also increases
4. Fashions in the society : If the product is apt to the fashions in the society it will have greater demand.
