What is Demand and Analysis?
What is Demand and Analysis ? Demand is a term used to describe a person's desire for something. But demand is more than this in economics. Demand in economics, in the words of Stonier and Hague, "means demand backed up by adequate money to pay for the commodities sought." This indicates that a demand is only effective if it is supported by purchasing power. In addition, a commodity must be willingly purchased. Therefore, in economics, demand refers to a desire that is supported by a willingness and the ability to pay for a good. according to Benham. The quantity of something at a certain price that will be purchased in a given amount of time at that price is its demand. Therefore, demand is the quantity of a good that a specific client is willing to buy at a specific price within a specific time frame. When all three of the following conditions are met, the demand is said to exist. 1. A desire to buy 2. Financial capacity 3. A readiness to pay Ex: A pauper could want to ...