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