Defined in economics as an individual's willingness to consume a good or service at a particular price, the term serves as the second dynamic of the overall market when compared to supply. |
The term is also widely dependant on several factors including the substitutability of the good or service, personal tastes or level of income.
Visually, the demand curve (which illustrates how a good or service's price relates to its quantity demanded) is downsloping - where at lower prices consumers tend to demand more of a asset, and at higher prices consumers tend to demand less.
