Market Demand

Market demand refers to the total quantity of a product or service that all consumers in a market are willing and able to purchase at various prices over a given time period. It reflects the overall desire for that product among consumers. Factors influencing market demand include price, consumer preferences, income levels, and the availability of substitutes. When the price decreases, generally, the demand increases, and vice versa. Understanding market demand helps businesses make decisions about production, pricing, and marketing strategies to effectively meet consumer needs.