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Demand refers to the quantity of a product or service that consumers are willing and able to purchase at various prices, influenced by factors such as price, income, and preferences. There are different types of demand including individual, market, derived, joint, and composite demand, as well as concepts like elasticity and demand forecasting. Understanding both demand and supply is essential for businesses to make informed economic decisions and align their strategies with market conditions.

Author

snehlatasharmanbh1980

Language

EN