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
Other articles related to "demand":
... Independent goods are goods that have a zero cross elasticity of demand ... price of one good will have no effect on the demand of an independent good ... For example, a person's demand for nails is independent of his or her demand for bread, since they are two unrelated types of goods ...
... They would also analyze the yearly global gold supply versus demand ... estimated yearly global gold supply to be 3,859 tonnes and demand to be 3,754 tonnes, giving a surplus of 105 tonnes ... to change in the near future, supply and demand due to private ownership is highly liquid and subject to rapid changes ...
... characterized by fixed prices and uncertain demand for a perishable product ... If the inventory level is, each unit of demand above is lost ... decide how many copies of the day's paper to stock in the face of uncertain demand and knowing that unsold copies will be worthless at the end of the day ...
... Negative demand If the market response to a product is negative, it shows that people are not aware of the features of the service and the benefits offered ... A strategy needs to be designed to transform the negative demand into a positive demand ... No demand If people are unaware, have insufficient information about a service or due to the consumer's indifference this type of a demand situation could occur ...
... In microeconomics, a consumer's Hicksian demand correspondence is the demand of a consumer over a bundle of goods that minimizes their expenditure while delivering a fixed level of utility ... it is referred to as the Hicksian demand function, or compensated demand function ... Mathematically, where h(p,u) is the Hicksian demand function, or commodity bundle demanded, at price level p and utility level ...
Famous quotes containing the word demand:
“Tragedy dramatizes human life as potentiality and fulfillment. Its virtual future, or Destiny, is therefore quite different from that created in comedy. Comic Destiny is Fortunewhat the world will bring, and the man will take or miss, encounter or escape; tragic Destiny is what the man brings, and the world will demand of him. That is his Fate.”
—Susanne K. Langer (18951985)
“... a large portion of those who demand woman suffrage are persons who have not been trained to reason, and are chiefly guided by their generous sensibilities.”
—Catherine E. Beecher (18001878)
“If she first meet the curled Antony,
Hell make demand of her, and spend that kiss
Which is my heaven to have.”
—William Shakespeare (15641616)