State and explain all of the factors which can shift the demand curve of a product

The Quantity Demanded of a product is the quantity of a good or service that consumers are willing and able to buy at different prices in a specified time period.The Demand curve is a curve which shows the quantity of a good or service that wold be bought over a range of difference price levels in a given period of time.All of the factors that can cause a SHIFT in the demand curve can be remembered using the acronym PASIFIC. Population - The higher the population you have the more people there will be who will be able to purchase a good at any given price leading to an outward shift in demand if population increases.Advertising - If done successfully advertising increases the desirability of a product. As such more people will want to purchase the good at any given price and so if advertising is successful it will lead to an outward shift in demand.Substitutes (price of) - A substitute is a good which a consumer could purchase over another good. As a result of these products being in competitive demand, the price of one good impacts the demand for the other. For example if the price of a Mars bar increased the demand for Snickers would increase. This is because fewer people will buy a Mars bar as it has become more expensive and therefore some of these displaced consumers may begin to buy Snickers instead as they are cheaper. Consequently the demand for Snickers increases shifting it's demand curve outwards. Incomes - Generally when incomes rise the demand for goods rises as well. This is because when salaries and wages increase, people have more disposable income to spend on goods meaning that there will be more demand for a product at any given price, shifting the demand curve out. These goods are known as normal goods e.g. Audi carFashion and Trends - Over time demand patterns change due to fashion and trends. For example clothes which are in fashion one season and have a high demand might not be in fashion next season so the demand will decrease. If a good is in fashion its demand will increase.Interest rates - Interest rates can also affect the demand for a good. This is because some goods are purchased with borrowed money e.g. a credit card where the consumer has to pay interest to the lender. Therefore if interest rates decrease it becomes less expensive to purchase goods with borrowed money so more people will buy these goods and the demand for these goods will decrease, shifting the demand curve outwards.Complements (price of) - Some goods are bought together. This is usually because they work well together. These goods are called complimentary goods e.g milk and cereal. As a result complementary goods are said to be in joint demand. As the price of one good increases the demand for the other good will decrease. For example if the price of milk decreased the demand for cereals would increase. This is because as the price of milk decreased the demand for milk would rise as the quantity demanded and the price are inversely proportional. So as more consumers are willing to buy milk, more consumers will be willing to buy cornflakes as they usually buy milk and cornflakes together, shifting the demand curve out for cornflakes.