Definition Of Demand
Economics notes
Definition Of Demand
➡️ Demand is an economic principle that describes a consumer's desire and willingness to pay a price for a good or service.
➡️ Demand is typically represented by a demand curve, which shows the quantity of a good or service that a consumer is willing to purchase at different prices.
➡️ Demand is influenced by a variety of factors, including the price of the good or service, the availability of substitutes, the income of the consumer, and the consumer's tastes and preferences.
What is the definition of demand in economics?
Demand refers to the quantity of a good or service that consumers are willing and able to purchase at a given price and time period.
How is demand determined in the market?
Demand is determined by various factors such as the price of the good or service, consumer income, consumer preferences, availability of substitutes, and market trends.
What is the difference between demand and quantity demanded?
Demand refers to the overall desire for a good or service, while quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a given price and time period.