Definition of Demand | Economics Notes

Definition of Demand

Economics notes
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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