Demand Analysis:

In ordinary language, demand means a desire. Desire means an urge to have something. In Economics, demand means a desire which is backed by willingness and ability to pay. For example, if a person has the desire to purchase a television set but does not have the adequate purchasing power then it will be simply a desire and not a demand. Thus, demand is an effective desire. All desires are not demand.
In short,
 Demand = Desire + willingness to purchase + Ability to pay.

Definition of Demand :

According to Benham, “the demand for anything at a given price is the amount of it, which will be bought per unit of time at that price.”

Thus, following are the features of demand :

1) Demand is a relative concept.
2) Demand is essentially expressed with reference to time and price.

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