market-demand

Vocabulary Word

Definition

'Market demand' refers to the total amount of a product or service that all consumers are willing and able to purchase at a certain price. It helps businesses figure out what to make and sell.

Examples in Different Contexts

In economics, 'market demand' refers to the total demand for a product or service across all consumers in a market. An economist might say, 'The market demand for renewable energy sources has significantly increased due to environmental concerns.'

Practice Scenarios

Academics

Scenario:

We've been seeing a surge in applications for our Computer Science programs. Students seem to be leaning towards technical fields.

Response:

Definitely, the market demand for technical skills is high. Offering more programming courses would likely attract more enrolments.

Business

Scenario:

Our sales have been steadily declining this quarter. We need to revaluate our product line and pricing strategy based on current market trends.

Response:

I agree, it's important we tune our strategies according to the market demand. I propose we initiate a market survey.