Answer to Question #127312 in Microeconomics for Choolwe hangombe

Question

Define demand

Answer 1

Demand refers to the willingness and ability of consumers to buy a certain quantity of goods and services at a given price during a given period of time.

Demand is officially referred to as effective demand as it refers to the Willingness to buy backed by the ability to buy goods and services. The ability to buy goods and services is determined by consumer disposable income.

Reference:

https://www.economicsonline.co.uk/Definitions/Demand.html