Demand and its definition in microeconomics

Demand is defined as the amount of goods and services that a consumer is willing and able
of commercially available at a certain price over a period of time.

The definition of demand has several elements that play a major role.
• Goods and Services : tangible and intangible nature that exist in the market.
• Consumer or purchaser : also called applicant is the person seeking goods

services to meet a need.
• Market: place of transaction of goods and services.
• Price: commercial agreement whereby the transaction of goods and services is paid.
• Time : the period in which a transaction takes place that changes as the price of

goods and services varies .
If everything else is constant when the prices of goods and services decrease , the demand
increases as the price of a good increases , demand decreases. In this case there is a relationship
negative relationship between price and demand , called the law of demand