What are the factors that affecting demand/ demand curve/ shift in demand?

The demand/ demand curve/ shift in demand shows the relationship between the demand of a product and its price. There are certain factors affect the demand/ demand curve/ shift in demand-

1. Price of the commodity:

Other things remaining constant, price of a certain commodity increases quantity demand decreases and price decreases quantity demand increases.

2. Change in income:

If the income of a person increases, the demand of that person will be also increases and vice versa.

3. Change in taste and preference:

If in the meantime consumer's tastes have undergone a change or if the commodity has gone out of fashion, more may not be demanded even if the price falls.

4. Change in price of Complementary goods:

Goods that are complement can affect the demand/ demand curve/ shift in demand. For example, if the price of sugar increases, the price of tea will also be increases.

5. Change in price of substitute goods:

Substitute goods like tea and coffee has positive relationship like if the price of tea increases, the price of coffee will increases.

6. Change in market size:

The number of potential buyers of a good determines the size of the market.

7. Change in savings:

If the willingness of saving increases, the demand will decrease.

8. Advertisement:

The advertisement of a product influences potential customers.

Finally we can say, demand/ demand curve/ shift in demand can be affected by various factors which are important for determining the demand.