Answer:
In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.
Demand theory describes the way that changes in the quantity of a good or service demanded by consumers affects its price in the market, The theory states that the higher the price of a product is, all else equal, the less of it will be demanded, inferring a downward sloping demand curve.
The law of demand is a fundamental principle of economics which states that at a higher price consumers will demand a lower quantity of a good. The shape and magnitude of demand shifts in response to changes in consumer preferences, incomes, or related economic goods, NOT to changes in price.
Demand analysis involves understanding the customer demand for a product or service in a particular market. Companies use demand analysis techniques to determine if they can successfully enter a market and generate expected profits to advance their business operations.
