What is demand?

  • (noun): An urgent or peremptory request.
    Example: "His demands for attention were unceasing"
    See also — Additional definitions below

Demand

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.

Some articles on demand:

Independent Goods
... goods are goods that have a zero cross elasticity of demand ... Changes in the 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 ...
Different Types of Demand Situations
... 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 ... 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 ...
Hicksian Demand Function
... 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 ... a function, 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 ...
Newsvendor Model
... It is (typically) characterized by fixed prices and uncertain demand for a perishable product ... If the inventory level is, each unit of demand above is lost ... 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 ...
Gold As An Investment - Investment Strategies - Fundamental Analysis
... They would also analyze the yearly global gold supply versus demand. 2005 the World Gold Council estimated yearly global gold supply to be 3,859 tonnes and demand to be 3,754 tonnes, giving a surplus of 105 tonnes ... gold production is unlikely to change in the near future, supply and demand due to private ownership is highly liquid and subject to rapid changes ...

More definitions of "demand":

  • (noun): The act of demanding.
    Example: "The kidnapper's exorbitant demands for money"
  • (noun): A condition requiring relief.
    Example: "There is a demand for jobs"
    Synonyms: need
  • (verb): Request urgently and forcefully.
    Example: "The victim's family is demanding compensation"; "The boss demanded that he be fired immediately"; "She demanded to see the manager"
  • (noun): The ability and desire to purchase goods and services.
    Example: "The automobile reduced the demand for buggywhips"; "the demand exceeded the supply"
  • (verb): Claim as due or just.
    Synonyms: exact
  • (verb): Summon to court.
  • (verb): Lay legal claim to.
  • (verb): Ask to be informed of.
    Example: "I demand an explanation"

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)

    I often accuse my finest acquaintances of an immense frivolity; for, while there are manners and compliments we do not meet, we do not teach one another the lessons of honesty and sincerity that the brutes do, or of steadiness and solidity that the rocks do. The fault is commonly mutual; however, for we do not habitually demand any more of each other.
    Henry David Thoreau (1817–1862)

    One cannot demand of a scholar that he show himself a scholar everywhere in society, but the whole tenor of his behavior must none the less betray the thinker, he must always be instructive, his way of judging a thing must even in the smallest matters be such that people can see what it will amount to when, quietly and self-collected, he puts this power to scholarly use.
    —G.C. (Georg Christoph)