> Reducing the quantity demanded is reducing the demand.
> I don't understand how you reduce "quantity demanded" but not "demand." MAybe you can clarify.
As much as I dislike appeals to econ 101, this is a basic concept of econ 101.
Demand is the general willingness of people to buy something. If the price goes up they will be less. If the price goes down they will by more. Demand is how much they want to by as a function of the price.
Quantity demanded is how much they're going to purchase given a specific price.
A change in demand implies people are no longer going to buy the same amount for the same distribution of prices. e.g. perhaps a new iphone comes out and people aren't willing to buy the older version for the original price.
If the price goes up due to supply shortages or down because of supply increases, the quantity demanded will change but demand will not. The price will also change.
> I don't understand how you reduce "quantity demanded" but not "demand." MAybe you can clarify.
As much as I dislike appeals to econ 101, this is a basic concept of econ 101.
Demand is the general willingness of people to buy something. If the price goes up they will be less. If the price goes down they will by more. Demand is how much they want to by as a function of the price.
Quantity demanded is how much they're going to purchase given a specific price.
A change in demand implies people are no longer going to buy the same amount for the same distribution of prices. e.g. perhaps a new iphone comes out and people aren't willing to buy the older version for the original price.
If the price goes up due to supply shortages or down because of supply increases, the quantity demanded will change but demand will not. The price will also change.
https://keydifferences.com/difference-between-demand-and-qua...
You are describing supply side effects. We're arriving at the same place, but your explanation of the economic story is not correct.