Question

What is demand and how does that relate to economics

Answer 1

Answer - 'Demand' is the quantity of goods and service that a consumer is willing to purchase at given price and time. The consumer must have enough purchasing power. Consumers have different type of need, in order to fulfill those needs it buys goods and service. Utility is the basis for using those goods and service.

The microeconomics deals with individual economics entity or agents like, consumers, firms, market, price of inputs etc. Demand is studied when we study consumer behavior in microeconomics.