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Demand is an economic principle that describes consumer willingness to pay a price for a good or service.
In economics, demand refers to how much of a good or service consumers are willing to buy at a given price. The law of demand states that as price increases, demand generally falls, and vice versa. The law of demand for a given product or service can be plotted on a chart as a demand curve.
Demand is the quantity of a good that consumers are willing and able to purchase at various prices at a given time. This example assumes that product...
Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is fundamentally based on needs and wants—if you have no need or want for something, you won't buy it.
Demand – definition and meaning. Demand in economics refers to the measure of desire to own and purchase a product or service. When the price of a product rises, demand for it goes down. In other words, demand is how much consumers are willing or able to buy something. It refers to a buyer’s willingness to pay a price for something.
Demand is the consumers’ willingness and ability to pay a certain price for a product or service at a given period. Demand also impacts prices and the economy.
The law of demand is a fundamental principle of economics that states that at a higher price, consumers will demand a lower quantity of a good. Demand is derived from the law of diminishing...
Demand is a principle that refers to a consumer’s willingness to pay for a good or service. Assuming that all else is equal, a rise in the price of a good or service will result in a fall in the quantity demanded. It works the other way around as well.
Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective, they are the same thing. Demand is also based on ability to pay.
Demand is defined as the ability of a consumer to buy goods and services in the market. In economics, this term is associated with various elements and aspects of the business. These include product prices, customer preference, product supply, competition, production, and sales.