Market demand refers to the total quantity of a product or service that consumers are willing and able to purchase at various prices during a specific time period. It reflects the desires and purchasing power of consumers in a given market. For example, if many people want to buy smartphones, the market demand for smartphones increases, leading to higher sales and potentially higher prices. Factors influencing market demand include consumer preferences, income levels, and the prices of related goods. When the price of coffee rises, for instance, some consumers may choose to buy more tea instead, affecting the demand for both products. Understanding market demand helps businesses make informed decisions about production and pricing.