as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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in your words, what is meant by the economic concept of demand?
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in economics, demand is the quantity of a good or service that consumers are willing and able to buy at a given price level. the concept of demand considers the various influences such as income, tastes, preferences and availability on the amount of any given good or service that a consumer is willing to purchase. the demand for a good or service determines how much of it can be sold and thus, how much of it will be produced over time.
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