What is demand?

Generally, demand means desire or want of something. But in economics demand has three characteristics. That are-

1. Desire for commodities,

2. Enough money and

3. Willingness to purchase.

The combinations of those characteristics are called demand.

According to R. F. Benham-

“Demand for anything at a given price, is the amount of it which will be bought per unit of time at that price."

In the words of Ragan & Thomas-

“Quantity demanded is the amount of a good that consumers wish to buy at a particular price."

From the above definition we can say that demand is a term used in economics to describe the desire of a consumer, or a group of consumers, to purchase a particular good or service at a certain price.