Definition of Demand
Definition of Demand Demand is defined as a quantity of goods or service which a consumer is willing and able to buy at a particular price and at a particular period of time. There are some certain terms to note in this definition such as; 1. Quantity of goods or service. 2. By a consumer. 3. Willingness and Ability. 4. A given price and; 5. A given period of time. For better understanding of the listed terms above let us have an example of a commodity and service which a consumer demanded (Rice for the goods and Barbing of hair for service); you should know that there is a consumer in existence who is willing and has the ability to pay for that particular quantity of goods or service (Rice or Barbing of hair respectively) at a particular market price i.e. the price tag and a particular period of time. You should note that a demand is not effective until it i