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A demand is a forceful request.
In economics it is a term for the
call or need within a market for a particular commodity. It is effective demand when a
person's wants or needs are endorsed by the person's ability to pay (income and/or
wealth). When this commercial demand is
met by virtually zero supply, there is said to be a market gap.
"Demand" is often used as short-hand for the demand curve, which represents the general state of effective
demand at any specific time, given the number of buyers, their wants (and the intensity of their wants), their income and wealth,
and so forth. The demand curve summarizes the idea that if the price of a commodity rises, the amount demanded falls (all else
constant). (Similarly, if price falls, the quantity demanded rises.)
See also
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