Demand
Origin
Middle English demaunden, from Anglo-French demander, from Medieval Latin demandare, from Latin, to entrust, charge, from de- + mandare to enjoin — more at mandate
Definitions
- 1a : an insistent and peremptory request, made as if by right: a series of demands for far-reaching reforms.
- b : an act of demanding or asking especially with authority <a demand for obedience>
- c : something claimed as due <a list of demands>
- 2: archaic : question
- 3a : willingness and ability to purchase a commodity or service <the demand for quality day care>
- b : the quantity of a commodity or service wanted at a specified price and time <supply and demand>
- b : urgent need
- 5: the requirement of work or of the expenditure of a resource <equal to the demands of the office> <demands on one's time> <oxygen demand for waste oxidation>
Description
In economics, demand is the utility for a good or service of an economic agent, relative to his/her income. (Note: This distinguishes "demand" from "quantity demanded", where demand is a listing or graphing of quantity demanded at each possible price. In contrast to demand, quantity demanded is the exact quantity demanded at a certain price. Changing the actual price will change the quantity demanded, but it will not change the demand, because demand is a listing of quantities that would be bought at various prices, not just the actual price.)
Demand is a buyer's willingness and ability to pay a price for a specific quantity of a good or service. Demand refers to how much (quantity) of a product or service is desired by buyers at various prices. 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. (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, ceteris paribus.[1]
