What Is Demand

Part I of Essay
The official definition of demand is as such: Demand is the relationship between price and quantity demanded for a particular good and service in particular circumstances. For each price the demand relationship tells the quantity the buyers want to buy at that correspondin ....

Part II of Essay
.... in income results in increasing of options of what and how much a person may purchase. Normal goods refer to products that people tend to buy more of as their income increases. Inferior goods are goods that people use less of as their income increases. The goals of a person refer to the "wants" and "needs" of a person. Goals of a consumer depends on multiple factors. Factors ranging anywhere from age, education, and region to social customs. People in different areas are influenced by different things and therefore demand for sp ....