Demand (economics)
In economics, demand is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. (see also supply and demand). The term demand signifies the ability or the willingness to buy a particular commodity at a given point of time.
Read more about Demand (economics): Introduction, Factors Affecting Demand, Demand Function and Demand Equation, Demand Curve, Income and Substitution Effects, Discrete Goods, Movements Versus Shifts, From Individual To Market Demand Curve, Price Elasticity of Demand (PED), Market Structure and The Demand Curve, Inverse Demand Function, Residual Demand Curve, Is The Demand Curve For PC Firm Really Flat?, Demand Management in Economics, Different Types of Demand Situations
Famous quotes containing the word demand:
“Productive collaborations between family and school, therefore, will demand that parents and teachers recognize the critical importance of each other’s participation in the life of the child. This mutuality of knowledge, understanding, and empathy comes not only with a recognition of the child as the central purpose for the collaboration but also with a recognition of the need to maintain roles and relationships with children that are comprehensive, dynamic, and differentiated.”
—Sara Lawrence Lightfoot (20th century)