GlossariesGCSE GlossariesGCSE Business GlossaryDemand

Demand - GCSE Business Definition

Reviewed by: Lisa Eades

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'Demand' refers to the quantity of a product or service that consumers are willing and able to purchase at a given price within a certain period.

Demand is a fundamental concept of business and economics and is influenced by various factors, such as consumer income, tastes and preferences, the price of related goods and expectations about future prices. It determines how businesses set prices and make production decisions. Understanding demand helps businesses predict consumer behaviour and adjust strategies to maximise sales and profitability.

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Lisa Eades

Reviewer: Lisa Eades

Expertise: Business Content Creator

Lisa has taught A Level, GCSE, BTEC and IBDP Business for over 20 years and is a senior Examiner for Edexcel. Lisa has been a successful Head of Department in Kent and has offered private Business tuition to students across the UK. Lisa loves to create imaginative and accessible resources which engage learners and build their passion for the subject.

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