Business, Legal & Accounting Glossary

Definition: Demand

Quick Summary of Demand

Demand is defined as the amount of a particular good or service that buyers are willing to purchase at a specific point along the supply curve (on a supply and demand schedule).

What is the dictionary definition of Demand?

Dictionary Definition

  1. The desire to purchase goods and services.
  2. economics The amount of a good or service that consumers are willing to buy at a particular price.
  3. A need.

1) v. to claim as a need, requirement or entitlement, as in to demand payment or performance under a contract. In a lawsuit for payment of a debt or performance of an act, the party suing (plaintiff) should allege that he/she/it demanded payment or performance. 2) n. a claim, such as an unqualified request for payment or other action. 3) the amount requested by a plaintiff (usually in writing) during negotiations to settle a lawsuit. 4) adj. referring to a note payable at any time a request to pay is made.

Full Definition of Demand

Demand is an economic measure, which expresses a desire, as well as the ability to pay for goods and services. In and of itself, demand is neither a physical need nor emotional desire. Rather, demand can be understood as willingness to trade things of value, such as goods, money, and labour, for variable amounts of goods and services. The degree to which the demand for goods and services varies is determined by the price asked. Thus, for example, aggregate demand is the figure which represents a total amount of goods and services demanded by the economy at a given market price. Supply is another important parameter with which demand interacts. Economists use the demand curve to calculate and express demand graphically.

Examples of Demand in a sentence

Prices usually go up when demand exceeds supply.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Demand. Payroll & Accounting Heaven Ltd. October 16, 2021
Chicago Manual of Style (CMS):
Demand. Payroll & Accounting Heaven Ltd. (accessed: October 16, 2021).
American Psychological Association (APA):
Demand. Retrieved October 16, 2021, from website:

Definition Sources

Definitions for Demand are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 5th August, 2021 | 4 Views.