Demand refers to the desire or need for a particular good or service. In economics, it represents the quantity of a product that consumers are willing and able to purchase at various price points.
Imagine you're throwing a party and you've run out of pizza. As soon as your friends find out there's no more pizza, they start demanding it! The demand for pizza increases because everyone wants a slice.
Supply: Supply is the quantity of a product that producers are willing and able to offer for sale at different price levels.
Market: A market is where buyers and sellers come together to exchange goods or services.
Price Elasticity: Price elasticity measures how sensitive the demand for a product is to changes in its price.
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