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Demand is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them. An increase in the price of a good or service tends to decrease the quantity demanded.

Demand notes usually don't have fixed terms, a minimum or maximum amount, interest, or repayment requirements. The parties involved determine the desired terms and sign the note before the borrowing process begins. The lender then issues the money and holds the demand note until payment is due.

The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded. Demand curves and demand schedules are tools used to summarize the relationship between quantity demanded and price.

Key Takeaways. The law of demand is a fundamental principle of economics that states that at a higher price, consumers will demand a lower quantity of a good. Demand is derived from the law of diminishing marginal utility, the fact that consumers use economic goods to satisfy their most urgent needs first.

The Power of Attorney must be registered in the office of the register of deeds in order for it to be effective after the principal becomes incompetent.

You dictate the actions you permit the person to take, and you can limit it to a single transaction or give the person general authority. You can revoke a power of attorney through a written revocation form, which must be given to your agent and to the individuals and businesses the agent deals with on your behalf.