Consumers must decide whether they are willing to pay the nominated price for a given item
Current consumption is affected by expected future prices
Income
When income levels change, so will consumer demand
Rising incomes tend to increase demand for luxury goods
Population
Population size will affect the total quantity demand, the age distribution determines the types of goods or services demanded.
Preferences
When consumer preferences change over time so will quantity demanded
Prices of Substitutes
If the price of a product rises, the demand for a substitute will increase
Prices of Complements
If the price of one good increases, one would expect a decline in the quantity of that good demanded, and a decrease in demand for its complement good.
