Final answer:
The three factors that determine the demand for a product are tastes and preferences, income, and prices of related goods.
Step-by-step explanation:
The three factors that determine the demand for a product are tastes and preferences, income, and prices of related goods.
Tastes and preferences refer to the desire of consumers to purchase a certain product based on personal preferences. For example, if someone enjoys drinking coffee, they are more likely to have a higher demand for coffee beans.
Income is another factor that affects demand. Consumers with higher income levels have more purchasing power and are able to afford more goods and services. This means they are likely to have a higher demand for certain products.
Prices of related goods also impact demand. If the price of a substitute product increases, consumers may shift their demand to the original product. For example, if the price of oranges increases, consumers may switch to buying apples instead, resulting in a higher demand for apples.