Demand refers to the quantity of a product or service that consumers are willing and able to purchase at a given price and time. This concept is influenced by various factors such as the price of the product, consumer income, consumer preferences, and availability of substitutes.


The determinants of demand are the factors that influence the demand for a product or service. They include:

- Price of the product
- Consumer income
- Availability of substitutes
- Consumer preferences and tastes
- Population size and demographics
- Advertising and marketing efforts
- Government policies and regulations


A change in demand refers to a shift in the entire demand curve, caused by a change in one or more of the determinants of demand. This means that at every price level, consumers are willing and able to buy more or less of the product.

A change in quantity demanded, on the other hand, refers to a movement along the demand curve, caused by a change in the price of the product. This means that at the new price level, consumers are willing and able to buy more or less of the product.


Elasticity of demand refers to the degree of responsiveness of quantity demanded to a change in price. If the demand for a product is elastic, a small change in price will result in a large change in quantity demanded. If the demand is inelastic, a change in price will result in a small change in quantity demanded.


There are three types of elasticity of demand:

- Price elastic demand: When a small change in price leads to a large change in quantity demanded.
- Price inelastic demand: When a change in price leads to a small change in quantity demanded.
- Unit elastic demand: When a change in price leads to a proportional change in quantity demanded.

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