Part one of term paper
In economics, we need to use terms a little more carefully than they are sometimes used in ordinary discussions. In general use, "Demand" is a word that can have more than one meaning, but in microeconomics we define it more carefully so that it has only one meaning. Here is the definition: Demand is the relationship between price and quantit ...

Part two of term paper
... and quantity demanded. That distinction is important for microeconomics, although people often do not make it in ordinary discussion. Demand and Need To keep it simple, we may think of the buyers as consumers. (Later we will look at markets for inputs to production, in which the buyers are producers of other goods and services). Clearly, the buyers are the people who want or need the product or service -- but there is more to it than that. The word "demand" refers to the willingness and ...