Demand, a fundamental term in economics, denotes the volume of a particular good or service that buyers are prepared and capable of buying at varied prices within a specified timeframe. The price of the product, the expense of associated goods, disposable income, personal likes and dislikes, and anticipations about future costs and accessibility significantly influence it. A demand curve graphically illustrates the correlation between demand and its determinants. This notion also encompasses various forms of goods demand such as negative demand and latent demand, and strategies for their effective management. The elasticity of demand, a vital element, gauges the demand’s responsiveness to price fluctuations. Finally, the structure of the market can significantly affect the demand encountered by individual companies.
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In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The relationship between price and quantity demand is also called the demand curve. Demand for a specific item is a function of an item's perceived necessity, price, perceived quality, convenience, available alternatives, purchasers' disposable income and tastes, and many other options.
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