Demand refers to the desire or need for a particular good or service. In economics, it represents the quantity of a product that consumers are willing and able to purchase at various price points.
Related terms
Supply: Supply is the quantity of a product that producers are willing and able to offer for sale at different price levels.
Market: A market is where buyers and sellers come together to exchange goods or services.
Price Elasticity: Price elasticity measures how sensitive the demand for a product is to changes in its price.