What term describes the amount of a good that buyers are willing and able to purchase?

The term that describes the amount of a good that buyers are willing and able to purchase is known as quantity demanded. This concept is fundamental in microeconomics and reflects consumers' willingness to buy specific quantities of a good over a certain period of time at various prices.

When analyzing quantity demanded, it is important to recognize that this term is affected by various factors, including consumer preferences, income levels, and the prices of related goods. It directly relates to the demand curve, which visually represents the relationship between price and quantity demanded. As prices decrease, the quantity demanded typically increases, illustrating the law of demand.

In contrast, quantity supplied refers to the amount sellers are willing to sell, market equilibrium pertains to the point where supply equals demand, and demand elasticity measures how sensitive quantity demanded is to changes in price. Focusing on quantity demanded emphasizes the consumer's role in the market and highlights how demand varies with price changes.