Demand is the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period. People demand goods and services in an economy to satisfy their wants such as food, health care, clothing, entertainment, shelter etc.
The demand for the product at a certain price reflects the satisfaction that an individual expects from consuming the product. This level of satisfaction is referred to as utility and it differs from consumer to consumer.
LAW OF DEMAND :-
The law of demand introduces an inverse relationship between price and demand for a good or service. It simply states as the price of a commodity increases, demand decreases, provided other factors remain constant. Also as the price decreases, demand increases.
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