Answer:
Price
Step-by-step explanation:
The Law of Demand is an economic principle that states that, all else being equal, the quantity of a good or service that consumers are willing and able to purchase decreases as its price increases, and vice versa. In other words, as the price of a product goes up, the quantity demanded of that product will go down, and as the price goes down, the quantity demanded will go up. This inverse relationship between price and quantity demanded is often represented graphically as a downward-sloping demand curve. The Law of Demand is a fundamental principle of economics and is used to analyze consumer behavior and market outcomes.
Price: As the price of a product increases, the quantity demanded typically decreases, and vice versa.
Income: If a person's income increases, they may demand more of a product, particularly for normal goods. For inferior goods, an increase in income would decrease the quantity demanded.
Availability of substitutes: If a close substitute product becomes available, consumers may switch to the substitute product, decreasing the quantity demanded of the original product.
Consumer tastes and preferences: Changes in consumer tastes and preferences can affect the quantity demanded of a product. For example, if a product falls out of fashion, the quantity demanded may decrease.
Advertising and marketing: Effective advertising and marketing campaigns can increase the quantity demanded of a product, while a lack of advertising may decrease it.
Demographics: Changes in demographics, such as the age or gender of a population, can impact the quantity demanded of certain products. For example, an aging population may demand more healthcare products and services.