Demand

Demand is a word we often use to talk about how much people want or need something. In a more formal sense, demand refers to the quantity of a product or service that people are willing and able to buy at a given price and time. It’s basically the desire backed by the ability to pay for something. Demand can be influenced by a bunch of factors, like price, income, tastes, and preferences. When the price of something goes down, the demand usually goes up because more people can afford it. On the other hand, if the price goes up, the demand might decrease because it becomes less affordable. There are different types of demand too. There’s individual demand, which is the demand of one person, and then there’s market demand, which is the total demand of everyone in the market. Market demand is like adding up all the individual demands for a product or service.