Ask AI: Explain the economic concept of demand in your own words and give a real-world example

Demand is the quantity of a specific good or service that people are willing to buy at a given price. In other words, it is how much of a product or service people are willing to buy and at what price they are willing to buy it. A real-world example would be the demand for gasoline. As the price of gasoline increases, people are less willing to buy it, so the demand will go down. Conversely, when the price of gasoline goes down, people are more willing to buy it, so the demand will go up.