Quantity Demanded

Definition

Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a particular price, during a given period.

Related terms

Law of Demand: States that there is an inverse relationship between price and quantity demanded - as price increases, quantity demanded decreases, and vice versa.

Income Effect: How changes in income impact consumer purchasing power and subsequently affect their demand for goods and services.

Substitutes and Complements: Substitutes are goods that can be used in place of each other (e.g., Coke vs. Pepsi), while complements are goods consumed together (e.g., hot dogs and buns).