What is meant by quantity demanded?

Quantity demanded refers specifically to the amount of a good or service that consumers are willing and able to purchase at a particular price during a given time period. This concept emphasizes the relationship between the price of the good and the desire of consumers to buy it. When the price changes, the quantity demanded will also change, demonstrating the price elasticity of demand.

In this context, the definition captures the core idea that quantity demanded is not simply about how much is available or sold, but rather about the specific preference and purchasing behavior of consumers in relation to price. This differentiates it from concepts like total sales, maximum willingness to pay, or supplier behavior, which focus on different aspects of market dynamics.