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:
“Our frigate takes fire,
The other asks if we demand quarter?
If our colors are struck and the fighting done?
Now I laugh content for I hear the voice of my little captain,
We have not struck, he composedly cries, we have just begun our part of the fighting.”
—Walt Whitman (18191892)
“There is nothing funny about Halloween. This sarcastic festival reflects, rather, an infernal demand for revenge by children on the adult world.”
—Jean Baudrillard (b. 1929)
“It is characteristic of the epistemological tradition to present us with partial scenarios and then to demand whole or categorical answers as it were.”
—Avrum Stroll (b. 1921)