Demand
Demand is a term used in economics to describe the desire of consumers, businesses, and governments to purchase goods and services. It is often used in conjunction with supply to explain the behavior of markets and the price of goods and services.
Definition
In economics, demand refers to the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time. The relationship between price and quantity demanded is also known as the demand relationship.
Law of Demand
The law of demand states that, all else being equal, as the price of a product increases, quantity demanded falls; likewise, as the price of a product decreases, quantity demanded increases. In other words, there is an inverse relationship between price and quantity demanded.
Factors Affecting Demand
Several factors can affect demand, including:
- Income: As income increases, demand for goods and services tends to increase.
- Price of related goods: The demand for a good can be affected by changes in the price of related goods. For example, if the price of coffee increases, the demand for tea (a substitute good) may increase.
- Tastes and preferences: Changes in consumer tastes and preferences can affect demand. For example, if a particular style of clothing becomes popular, demand for that style will increase.
- Expectations: If people expect their income to increase in the future, they may increase their current demand for goods and services.
Demand Curve
The demand curve is a graphical representation of the demand relationship, showing the quantity of a good consumers are willing and able to purchase at various prices.
Elasticity of Demand
The elasticity of demand measures how responsive quantity demanded is to a change in price. It is used to predict changes in quantity demanded in response to changes in price.
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