Individual Demand

Individual demand refers to the quantity of a product or service that a single person is willing and able to buy at different prices over a certain period. It reflects their preferences, income, and how much value they place on the item. Usually, as the price decreases, the individual is willing to buy more, and as the price increases, they buy less. This relationship forms a demand curve, helping businesses understand how price changes may influence a person's purchasing decisions. Individual demand is a key part of understanding overall market demand, which combines the demands of many consumers.