Market demand

Market Demand

Market demand refers to the quantity of a particular product or service that consumers are willing and able to purchase within a specific time frame and geographic region. It represents the total demand from all the consumers in the market for a particular product or service. The market demand curve shows the relationship between the price of a product and the quantity demanded by consumers. As the price of a product increases, the quantity demanded typically decreases, and vice versa. Factors that may influence market demand include changes in consumer preferences, income levels, and market conditions. Understanding market demand is essential for businesses to make informed decisions about production levels, pricing strategies, and marketing efforts.