demand

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Demand

The need or desire for a good, service, or asset among consumers at a given price. The amount of demand at a given price is determined by supply and the availability of similar or replacements goods and services, among other factors. While demand for some staple products is relatively constant regardless of price, most of the time the price has a large influence on the level of demand. Demand for a good or service tends to increase as its price decreases. See also: Law of supply and demand, Demand curve.

demand

the amount of a product which is purchased at a particular price at a particular point in time. A demand curve is a line showing the relationship between the price of a product and the quantity demanded per time period over a range of possible prices. Demand curves are usually downward sloping, indicating that as the price of the product falls, more is demanded. The extent to which the demand for a product will increase as price falls (and the extent to which demand will drop if the price rises) depends on the product's price-ELASTICITY OF DEMAND. The demand for a product, however, is determined also by a variety of non-price factors. A demand function attempts to incorporate all the factors that have a statistically. significant influence on demand for example, consumers' incomes, the prices of substitute products, advertising, etc. Demand curves will shift if any of these factors change over time.

In practice, firms are unable to derive definitive demand curves because of incomplete information. For this reason many firms use a COST-BASED PRICING formula for determining prices, but allow for the influence of demand by varying the profit mark-up (see DEMAND-BASED PRICING, COMPETITION-BASED PRICING).

There are various methods a firm can use to ‘forecast’ demand, including time series analysis, barometric indicators and econometric models. See SALES FORECASTING.

demand

or

effective demand

the WANT, need or desire for a product backed by the money to purchase it. In economic analysis, demand is always based on ‘willingness and ability to pay’ for a product, not merely want or need for the product. CONSUMERS’ total demand for a product is reflected in the DEMAND CURVE. Compare SUPPLY.
References in classic literature ?
I tell no lies," said the butcher, with the same mild huskiness as before, "and I contradick none--not if a man was to swear himself black: he's no meat o' mine, nor none o' my bargains.
No," said the farrier, with bitter sarcasm, looking at the company generally; "and p'rhaps you aren't pig-headed; and p'rhaps you didn't say the cow was a red Durham; and p'rhaps you didn't say she'd got a star on her brow--stick to that, now you're at it.
Why, you idiot and wife for Barabbas," said Sancho, "what do you mean by trying, without why or wherefore, to keep me from marrying my daughter to one who will give me grandchildren that will be called 'your lordship'?
And so, forsooth, the youth are said to be taught them by Socrates, when there are not unfrequently exhibitions of them at the theatre (Probably in allusion to Aristophanes who caricatured, and to Euripides who borrowed the notions of Anaxagoras, as well as to other dramatic poets.
They came into my life and they went out of my life, and the picture is as I have said, without beginning, the end without understanding.
I should have said, `Amen' in place of `yours respectfully,' shouldn't I?
After awhile he got up and went away and then Miss Reade said,
Tak' whatever thou like'st,' said John, 'and when a's gane, ca' for more.
To be sure, he said, they are to receive what we owe them, and an enemy, as I take it, owes to an enemy that which is due or proper to him-- that is to say, evil.
Having at length finished his laboured harangue, with which the audience, though it had greatly raised their attention and admiration, were not much edified, as they really understood not a single syllable of all he had said, he proceeded to business, which he was more expeditious in finishing, than he had been in beginning.
Threepence,' said I, 'when I spin, and fourpence when I work plain work.
To whom Mrs Veneering incoherently communicates, how that Veneering has been offered Pocket-Breaches; how that it is the time for rallying round; how that Veneering has said 'We must work'; how that she is here, as a wife and mother, to entreat Lady Tippins to work; how that the carriage is at Lady Tippins's disposal for purposes of work; how that she, proprietress of said bran new elegant equipage, will return home on foot--on bleeding feet if need be--to work (not specifying how), until she drops by the side of baby's crib.