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]
Demand is a consumer's willingness to buy something, and demand is generally related to the price that the consumer would have to pay. Generally speaking, demand increases when prices drop and...
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.
Thus, we define demand for a commodity or service as an effective desire, i.e., a desire backed by means as well as willingness to pay for it. The demand arises out of the following three things: i. Desire or want of the commodity. ii. Ability to pay, iii. Willingness to pay.
Demand : What is meant by Demand? Learn about Demand in detail, including its explanation, and significance in Economy on The Economic Times.
What is Demand? Definition of Demand, Demand Meaning - The Economic Times