Define the term "demand" in economics. Give an example to illustrate demand.

Demand, in economics, refers to the quantity of a particular good or service that consumers are willing to purchase at different prices, assuming all other factors remain constant (ceteris paribus). It represents the consumer's desire and their ability to buy a specific product at a given price. Demand demonstrates the relationship between price and quantity, with the law of demand stating that, all else equal, as the price of a good or service increases, the quantity demanded tends to decrease, and vice versa.

Let's consider a fictional ice cream store, "Frozen Delight," which sells ice cream cones at various prices. We will create a simple demand schedule (a table showing the quantity of ice cream cones demanded at specific prices) to illustrate the concept of demand. | Price per Cone ($) | Quantity Demanded (cones) | |--------------------|---------------------------| | 5 | 50 | | 4 | 80 | | 3 | 120 | | 2 | 180 | In this example, as the price of an ice cream cone decreases, the quantity demanded increases. If Frozen Delight sells ice cream cones at \(5 each, consumers are willing to purchase 50 cones. However, if the price per cone decreases to \)4, consumers will now demand 80 cones. This trend continues with further price reductions, illustrating that demand is affected by price changes, as predicted by the law of demand.