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: 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:
“The health of the eye seems to demand a horizon. We are never tired, so long as we can see far enough.”
—Ralph Waldo Emerson (18031882)
“The small creatures chirp thinly through the dust, through the night.
What shall I cry?
We demand a committee, a representative committee, a committee of investigation
RESIGN RESIGN RESIGN”
—T.S. (Thomas Stearns)
“Self-sacrifice usually contains an unspoken demand for payment.”
—Mason Cooley (b. 1927)