Demand is the relationship between price and quantity demanded for a particular good and service in particular circumstances. For each price the demand relationship tells the quantity the buyers want to buy at that corresponding price. The quantity the buyers want to buy at a particular price is called the Quantity Demanded.

The key point is to distinguish between demand (the relationship) and quantity demanded. That distinction is important for microeconomics, although people often do not make it in ordinary discussion.

To keep it simple, we may think of the buyers as consumers. (Later we will look at markets for inputs to production, in which the buyers are producer

Economists call this the Law of Demand:

price, cents/gal. Quantity demanded, millions of gals.

Some common words found in the essay are:
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Approximate Word count = 684
Approximate Pages = 3 (250 words per page double spaced)