What term refers to the amount of a product that consumers are willing to buy?

The term that refers to the amount of a product that consumers are willing to buy is demand. Demand is a fundamental concept in economics that describes consumers' desire to purchase goods and services at various price points. It reflects not only the quantity of goods that consumers are prepared to buy but also their willingness to pay specific prices for those goods. As prices change, typically the quantity demanded will also change, illustrating the relationship between price and consumer buying behavior.

This understanding is essential in the context of market dynamics, as higher demand often leads to higher prices, while lower demand may result in price decreases in order to encourage sales. The concept of demand is crucial for businesses and policymakers to gauge consumer behavior and make informed decisions regarding pricing, production, and inventory management.