Demand

Business, Legal & Accounting Glossary

Definition: Demand



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
https://payrollheaven.com/define/demand/
Modern Language Association (MLA):
Demand. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. July 04, 2020 https://payrollheaven.com/define/demand/.
Chicago Manual of Style (CMS):
Demand. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/demand/ (accessed: July 04, 2020).
American Psychological Association (APA):
Demand. PayrollHeaven.com. Retrieved July 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/demand/

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: 27th April, 2020 | 1 Views.