In economic terms, demand refers to what aspect of the market?

Demand in economic terms specifically refers to the quantity of a product that consumers are both willing and able to purchase at various price levels. This concept is foundational in understanding how markets function since it not only includes the desire for a product but also the consumers' financial capacity to buy it.

When we analyze demand, it is essential to recognize that merely wanting a product doesn’t equate to demand; there must be the ability to pay. The interaction of demand curves with prices can shift based on factors like consumer income, preferences, prices of related goods, and market trends, which all heavily influence the quantity demanded at different price points.

This definition contrasts with aspects such as the number of sellers in the market or the total market value of transactions, which do not provide a complete picture of consumer purchasing behavior. The focus on consumer willingness and ability is what distinctly defines the economic concept of demand.