Question

What does the term demand mean?How do we explain it in an easy way?​

Answer 1

Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease the quantity demanded, and vice versa.

Answer 2

Answer:

An insistent and peremptory request, made as of right.

Explanation:

Demand is the amount of goods that people want to buy at a given price. Prices go up when supply is less, and demand is more. It follows the law of demand where as price increases, demand decreases and vice versa showing an inverse relationship between quantity demanded and price.

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