Consumer Demand

Consumer demand refers to the desire and willingness of individuals or households to purchase goods and services at given price levels in a specific period. It reflects the preferences of consumers and their purchasing power, influenced by factors such as income, tastes, prices, and the availability of substitutes. Consumer demand is a fundamental concept in economics, as it helps to determine market equilibrium, price levels, and the allocation of resources within an economy. It can be affected by various external factors, including economic conditions, trends, and cultural influences, making it a vital component in business planning and market analysis.