The main difference between quantity demanded and demand is that Quantity Demanded is the amount of a good or service that consumers are willing to buy at a specific price point, while Demand refers to the relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to buy at various price points.
Before we move to more differences, let’s first understand Quantity Demanded and Demand:
- Quantity Demanded: Quantity Demanded is the amount of a product or service that consumers are willing and able to purchase at a specific price point within a given period.
- Demand: Demand is the total amount of a product or service that consumers are willing and able to buy at all price points within a given period.
Now, let’s get to Quantity Demanded vs Demand:
Major differences between Quantity Demanded and Demand
|Quantity Demanded is expressed as a specific numerical value or quantity.||Demand is expressed as a relationship between price and quantity.|
|Quantity Demanded is affected by a change in price, while other factors remain constant, such as consumer income, tastes, and preferences, etc.||Demand is affected by a variety of factors, including price, income, consumer tastes and preferences, the price of related goods, and market competition.|
|Quantity Demanded is a movement along a demand curve.||Demand is a shift of the demand curve itself.|
|Quantity Demanded is a short-term concept.||Demand is a long-term concept.|
|Quantity Demanded is an individual consumer’s willingness to buy a specific amount of a product or service.||Demand is the overall willingness of all consumers to buy a product or service at various price points.|
So, these are the main differences between the entities.
You can see other “differences between…” posts by clicking here.
If you have a related query, kindly feel free to let me know in the comments below.