What is demand?
Understand the Problem
The question is asking for the definition and explanation of the term 'demand' in the context of economics. It seeks to understand what demand means and possibly how it functions in a market.
Answer
Demand is a consumer's desire and willingness to buy goods or services at specific prices.
Demand is an economic concept that embodies a consumer's desire and willingness to purchase goods or services at a specific price. It is the relationship between the price of a good and the quantity demanded by consumers.
Answer for screen readers
Demand is an economic concept that embodies a consumer's desire and willingness to purchase goods or services at a specific price. It is the relationship between the price of a good and the quantity demanded by consumers.
More Information
Demand in economics typically involves not just the desire to purchase a product or service, but also the capacity and willingness to pay for it at different price levels.
Sources
- How It Works Plus Economic Determinants and the Demand Curve - Investopedia - investopedia.com
- What is Demand? Definition of Demand, Demand Meaning - Economic Times - economictimes.indiatimes.com
- Demand Definition and Meaning - Buske Logistics - buske.com
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