What does demand refer to in economic terms?

Demand, in economic terms, specifically refers to the quantity of a product that consumers are willing and able to purchase at various price levels over a given period of time. This concept is crucial because it emphasizes both willingness and ability—meaning that demand is not just about the desire to buy but also includes the financial capacity to make those purchases.

When considering the broader definition of demand, it can be characterized as a relationship between price and quantity demanded, typically represented by a demand curve. As prices decrease, the quantity demanded generally increases, and vice versa. This relationship is foundational to understanding consumer behavior and market dynamics.

The other options focus on aspects that do not capture the full essence of demand. For example, total sales of a product is more about revenue generated rather than the underlying willingness and ability to purchase. Likewise, the willingness and ability to sell a product pertains to supply, which is fundamentally different from demand. Finally, while a product's utility is related to consumer preferences and satisfaction, it does not encompass the economic activity of purchasing itself.