demand
demandThe quantity of a good or service that people want to buy. The demand function relates demand to the factors determining it: these include customers' incomes, the good's own price and the prices of competing goods and of other goods in general; factors affecting the demand of individuals, for example their family circumstances; and factors affecting demand at particular times, for example weather conditions. The demand curve relates the demand for a good to its own price, holding all other factors constant. Price elasticity of demand is the proportional increase in quantity demanded divided by the proportional reduction in price. Income elasticity of demand is the proportional increase in quantity demanded at a given price divided by the proportional rise in income. Aggregate demand is the total demand for goods and services in the economy. Effective demand is what is actually demanded, as contrasted with notional demand, which is what people would...
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