Difference between revisions of "Demand"
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The '''demand''' for any good is derived from the optimal quantity of that good which would be chosen by consumers at every given price. The resulting relationship gives quantity demanded as a function of price. For most goods (but not a [[Giffen good]]), the demand curve is downward-sloping, with decreasing quantities demanded as the price increases. Aside from slope, the chief properties of a demand curve are its [[elasticity]] and curvature. Both address the rate at which quantity demanded varies with price, and how this rate might change. | The '''demand''' for any good is derived from the optimal quantity of that good which would be chosen by consumers at every given price. The resulting relationship gives quantity demanded as a function of price. For most goods (but not a [[Giffen good]]), the demand curve is downward-sloping, with decreasing quantities demanded as the price increases. Aside from slope, the chief properties of a demand curve are its [[elasticity]] and curvature. Both address the rate at which quantity demanded varies with price, and how this rate might change. | ||
Revision as of 14:04, February 13, 2010
The demand for any good is derived from the optimal quantity of that good which would be chosen by consumers at every given price. The resulting relationship gives quantity demanded as a function of price. For most goods (but not a Giffen good), the demand curve is downward-sloping, with decreasing quantities demanded as the price increases. Aside from slope, the chief properties of a demand curve are its elasticity and curvature. Both address the rate at which quantity demanded varies with price, and how this rate might change.
As a non-economic verb, demand can also mean to refuse or strongly imply or pressure or persistent begging. Example, the robber demands the money in the vault.
