Meaning And Definition Of Demand

The definition of demand is the desire of consumers to purchase goods and services and their willingness to pay the asked price to be able to buy them.

Meaning and definition of demand. Demand includes the purchasing power of the consumer to acquire a given product at a given period. In economics demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time. Demand is one of the main building blocks of an economy.

An elastic demand implies a robust change quantity accompanied by a change in price. Similarly an inelastic demand implies that volume does not change much even when there is a change in price. Demand is an economic term that refers to the amount of products or services that consumers wish to purchase at any given price level the mere desire of a consumer for a product is not demand.

How to use demand in a sentence. It s the percentage change of the quantity demanded divided by the percentage change in price. Browse more topics under theory of demand.

The relationship between price and quantity demanded is also called the demand curve demand for a specific item is a function of an item s perceived necessity price perceived quality convenience. Aggregate demand is the total amount of goods and services demanded in the economy at a given overall price level at a given time. He demanded payment of the debt.

Demand elasticity means how much more or less demand changes when the price does. It s specifically measured as a ratio. To ask for urgently or peremptorily.

Claim as a right. Demanding that he leave. Demand an investigation into the murder.