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 basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“The ceaseless, senseless demand for original scholarship in a number of fields, where only erudition is now possible, has led either to sheer irrelevancy, the famous knowing of more and more about less and less, or to the development of a pseudo- scholarship which actually destroys its object.”
—Hannah Arendt (1906–1975)
“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)