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In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. [1][2] In economics "demand" for a commodity is not the same thing as "desire" for it. It refers to both the desire to purchase and the ability to pay for a commodity. [2]
Discover how demand works, its economic determinants, and how the demand curve illustrates price and quantity relationships.
Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective, they are the same thing. Demand is also based on ability to pay.
demand, claim, require, exact mean to ask or call for something as due or as necessary. demand implies peremptoriness and insistence and often the right to make requests that are to be regarded as commands.
Demand Definition: In economics, demand is the quantity of a good that consumers are willing and able to purchase. The most important determinants of demand are: Price of the good. Price of related goods. Disposable income. Consumer's preferences.
Individual demand and Market demand: Individual demand refers to the demand of a single consumer, while market demand is the sum of all individual demands for a particular good or service.