what is demand in economics

Demand in economics refers to the consumer's desire to purchase goods and services and their willingness to pay a specific price for them. The law of demand is a fundamental principle that states that the quantity demanded varies inversely with price, meaning that the higher the price, the lower the quantity demanded, and vice versa. Demand can refer to market demand for a specific good or aggregate demand for the total of all goods in an economy. It is derived from the law of diminishing marginal utility, which explains how consumers use economic goods to satisfy their most urgent needs first. A demand curve is a graphical representation of the relationship between price and quantity demanded. Changes in price can be reflected in movement along a demand curve, but by themselves, they don't increase or decrease demand. Demand is also influenced by consumer preferences, incomes, and the prices of related goods