Concept of Demand

The demand for a good or service refers to the amount that people are ready to buy at various prices 'within some given time period, other factors held constant. It is always defined with reference to a price, a particular time, a place and given values of variables. Demand can also be called as the desire for the product backed by willingness and ability to pay for it. The desire to own a computer but inability to pay for it is not regarded as demand. Similarly, the desire of a miser to own a car is not demand as he is not willing to pay for it, despite afford ability And above all there sho.uld be a desire for a good or service. Therefore, a want becomes effective demand when there is:

(a)     Desire to buy,

(b)     Ability to pay, and

(c)     Willingness to pay. 

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