What is demand?
Understand the Problem
The question is asking for an explanation of the economic concept of demand, which refers to the willingness and ability of consumers to purchase goods and services at various prices. This includes how demand affects pricing and market dynamics.
Answer
The consumer's desire and willingness to purchase a good or service at a specific price.
Demand is the consumer's desire and willingness to purchase a good or service at a specific price, during a given time frame.
Answer for screen readers
Demand is the consumer's desire and willingness to purchase a good or service at a specific price, during a given time frame.
More Information
Demand's key principles include consumer desire and willingness, with price and time frame being important factors. Higher prices generally reduce demand, and lower prices increase it.
Tips
One common mistake is to confuse demand with quantity demanded. Demand refers to the relationship between price and quantity, whereas quantity demanded is the specific amount at a given price.
Sources
- How It Works Plus Economic Determinants and the Demand Curve - investopedia.com
- What is Demand? Definition of Demand, Demand Meaning - economictimes.indiatimes.com
- Demand in Economics | Definition & Examples - Lesson - Study.com - study.com
AI-generated content may contain errors. Please verify critical information
