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The Law of Supply and Demand

Many people would like to wear designer clothes, travel around the world, or own an expensive sports or luxury car. In the world of economics, these wishes don't mean anything. But when a person walks into a car dealership with $80,000 in hand to buy a luxury SUV, the economist calls this demand. Demand is the desire to purchase something at a specific place and time, while having the ability to pay for it.