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BTCC / Hashtag / demand definition in business
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What does demand mean in economics?

Demand is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them. An increase in the price of a good or service tends to decrease the quantity demanded. Likewise, a decrease in the price of a good or service will increase the quantity demanded.

What is demand based on?

Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing. Demand is also based on ability to pay. If you cannot pay, you have no effective demand. What a buyer pays for a unit of the specific good or service is called price.

What is a demand function?

An individual's demand function comes from how much of a good they demand as a function of prices. It is a relationship between the price of the good and the quantity of that good that the consumer is willing to demand.

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