Demand

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.

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Famous quotes containing the word demand:

    ... the self respect of individuals ought to make them demand of their leaders conformity with an agreed-upon code of ethics and moral conduct.
    Mary Barnett Gilson (1877–?)

    The pound of flesh which I demand of him
    Is dearly bought as mine, and I will have it.
    William Shakespeare (1564–1616)

    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)