What is demand?
The different amounts of the good or service that the buyer would purchase at different prices in a defined time period when all non-price factors are held constant.
In economics, demand refers to the willingness and ability to pay for a particular product or service. It represents the quantity of goods or services that consumers are willing to purchase at a given price within a given time period. The demand for a product or service can be influenced by various factors such as price, availability of substitutes, consumer income, and consumer preferences. Typically, demand is represented graphically as the relationship between the quantity of a good or service that consumers are willing to buy and the price of that good or service. The law of demand states that, all other things being equal, as the price of a good or service increases, the quantity demanded decreases; conversely, as the price decreases, the quantity demanded increases.
More Answers:
Understanding Supply in Social Science: The Relationship between Price and Quantity SuppliedUnderstanding Demand Curve: Explaining the Negative Slope and Its Implications on Consumer Behavior
The Law of Demand: Understanding How Consumers Respond to Market Prices