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In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time.[1][2] In economics "demand" for a commodity is not the same thing as "desire" for it. It refers to both the desire to purchase and the ability to pay for a commodity.[2]
Demand is always expressed in relation to a particular price and a particular time period since demand is a flow concept. Flow is any variable which is expressed per unit of time. Demand thus does not refer to a single isolated purchase, but a continuous flow of purchases.[2]
- ^ O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 79. ISBN 9780131334830.
- ^ a b c Sethi, D.K; Andrews, U. ISC Economics (18th ed.). Macmillan. p. 9. ISBN 9789386811684.
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