Quantity Demanded

By Saherah Luhnat Noor, EconoHeart

"Quantity demanded" is a term that we use to describe how much of something people want to buy at a certain price. For example, let's say you really like lemons, and you're willing to pay 10 cents for one lemon, buying a total amount of 5. The quantity demanded of lemons at that price (10 cents), would be the number of lemons (5, as in this example) that you and other people would want to buy at that price.

Now, if the price goes up to $1, you might not want to buy as many lemons anymore, and neither would other people. You may get only one instead of five. So, the quantity demanded would go down. And if the price dropped to 5 cents, you might want to buy more lemons, say 10, and so would other people. In that case, the quantity demanded would go up.

So, quantity demanded is just a way to talk about how much of something people want to buy at different prices.




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