A number of factors influence the formation of demand. Let’s consider the most important of them.
Typically, as incomes rise, consumers create demand for better quality products.
A change in the prices of some substitute goods leads to a change in demand for other substitute goods.
The most important factors in the formation of demand are the number and age and sex composition of buyers.
Some cultural and religious traditions influence consumption and, accordingly, demand.
Consumers’ expectations regarding future price dynamics affect the formation of both demand and supply.
Remember: The process of learning a person lasts a lifetime. The value of the same knowledge for different people may be different, it is determined by their individual characteristics and needs. Therefore, knowledge is always needed at any age and position.