List and describe the determinants of demand.

Five of the most common determinants of demand are:

1. The price of the goods or service, as the price of the goods increases, fewer people will be interested in buying the goods or product.
2. The income of the buyers, the more money the buyers have, the more likely that their purchases would increase.
3. The price of related goods, These are either complementary or substitutes
4. The preference of the buyer, a consumer believes prices for the product will rise or fall in the future., and
5. The population of the buyers.