Demand (D)

Definition

Demand refers to the quantity of a good or service that consumers are willing and able to buy at various price levels. It represents the relationship between price and quantity demanded.

Related terms

Supply: The quantity of a good or service that producers are willing and able to offer for sale at different prices.

Elasticity: A measure of how responsive quantity demanded or supplied is to changes in price.

Market Equilibrium: The point where quantity demanded equals quantity supplied, resulting in no shortage or surplus.