Which factor does NOT affect demand?

Demand refers to the willingness and ability of consumers to purchase goods and services at various price levels. Several key factors can affect this willingness and ability, including population, demographics, and wage levels.

Population directly influences demand because a larger population typically means more potential consumers, leading to increased demand for products and services. Additionally, demographics—such as age, gender, income levels, and education—play a crucial role in determining what and how much people want to buy. Different demographic groups have varying preferences and needs, thus influencing demand patterns.

Wage levels also significantly impact demand. Higher wage levels generally increase consumers' disposable income, allowing them to afford more goods and services, which can lead to an increase in demand. Conversely, lower wages may restrict purchasing power and thus reduce demand.

In contrast, fiscal policy, which refers to government spending and tax policies, doesn't directly affect demand at the individual consumer level. While fiscal policy can influence overall economic conditions and, by extension, consumer confidence and spending, it does not have the same direct impact on individual demand as the other factors. Thus, recognizing that fiscal policy operates more at the macroeconomic level rather than influencing the demand of individual consumers helps clarify why this option does not affect demand directly.