Definition of Demand
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| Definition of Demand |
When we use the words desire,need and demand then we find all are same in common life, But this is not the case in economics, Desire is a different thing, need is a different thing and demand is a different thing.
Let us understand this with an example =
There are three people A, B and C
* A wishes to get a car but has no money.
* B wishes to take a car, B also has money but does not want to spend.
* While C also wishes, has money and spends, when C has bought it at a time period, Then this will be called demand.
whereas in the case of A and B, it will not be called demand.
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