What is the desire for a particular good or service called?
Demand
Supply
Consumer
Producer
The desire for a particular good or service is called demand.
The desire for a particular good or service is called demand.
The desire for a particular good or service is called demand. In basic economic terms, demand refers to the quantity of a good or service that consumers are willing and able to purchase at a given price and within a specific time period. It represents the wants and needs of consumers in the market.
To understand this concept, economists often analyze the relationship between price and quantity demanded through the law of demand. According to this law, as the price of a good or service increases, the quantity demanded decreases, and vice versa. Factors such as income levels, consumer preferences, and availability of substitutes also affect the level of demand for a particular good or service.
In summary, demand is the expression of consumer willingness and ability to purchase a specific product or service at a certain price. Economists study demand to help analyze market trends, determine pricing strategies, and make predictions about consumer behavior.