Price effect vs Change of demand

Price effect and change of demand are separate factors that can affect a product's market price. Price effect refers to the direct influence of an increase or decrease in the price of a product on its demand. This means when the price of a product increases, the demand for that product decreases. Conversely, when the price of a product decreases, its demand tends to increase. On the other hand, change of demand refers to the broader context of factors that cause a shift in demand for a particular product or service. This includes factors such as an increase in population, changes in disposable income, and changes in consumer preferences, among others. These factors tend to have a greater impact on a product's demand than the Price effect alone.