What is Demand in Economics

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What is Demand ?

Demand is the quantity of a particular commodity,  that a consumer is willing to buy, and is able to buy, at each possible price during a given period of time.

The definition of demand highlights four essential elements of demand:-

(i) Quantity of the commodity

(ii) Willingness and ability to buy

(iii) Possible Price of the commodity

(iv) Period of time for which such demand is measured




Demand for a commodity may be either with respect to an individual or to the entire market.

Individual demand : –

Individual demand refers to the quantity of a commodity that a consumer is willing and able to buy at each possible price during a given period of time.

Market demand :-

Market demand refers to the quantity of a commodity that all consumers are willing and able to buy at each possible price during a given period of time.

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