Demand can be defined as an economic want that is backed up or supported by the purchasing power. It means it is a relationship, depending upon, assuming that factors that are not related to the price, the willingness and ability of a buyer to buy a product at a given price or any possible price. For example, a consumer may want to buy 2lb of carrots if the price is $0.85 per lb. But the same person may be ready to purchase 1lb if the price is $1.25 per lb. A graph representing the quantity demanded at a given price can be constructed which shows either a curve or a straight line depending on the price and the quantity. Various factors affect the willingness of a consumer in buying a product. They could be price of the good, personal tastes and level of income.
1.Individual demand Individual demand refers to the demand for the commodity from the individual point of view. 2. Market demand Total demand of all the buyers taken together.Market demand is sum of Individual Demand. 3.Income demand Demand for normal goods Demand for inferior goods 4. Cross demand Demand for substitutes or competitive goods (eg.,tea & coffee, bread and rice) Demand for complementary goods (eg., pen & ink) 5. Joint demand (same as complementary, eg., pen & ink) 6. Composite demand (eg., coal & electricity) 7. Direct demand (eg., ice-creams) 8. Derived demand (eg., TV & TV mechanics) 9. Competitive demand (eg., desi ghee and vegetable oils) 10.Demand of unrelated goods
Demand and wants are important economic concepts and by wants we refer to the options that are available to us to satisfy our needs. This means that they are a step ahead of our needs and they are not basic to our survival. For example if a person is thirsty then it is a need but when he/she wants to have a cola to satisfy the thirst, then it is a want. Demand is an aggregate and an over arching concept that incorporates both needs and wants. When we say the demand of the product then we refer to all those people who have the willingness and ability to buy a certain good. For example no matter how much I am willing to buy a Lamborghini, if I cannot afford it then this want will not become a part of the demand. Demand aggregates all the needs and wants for which the person has the willingness and ability to buy.
Demand can be a noun and a verb it means : To ask for something in an extremely firm or aggressive way. Ex : I walked into the office and demand to see the manager.Want is a verb, it means : To have a desire or a wish for something. Ex : He wanted a new bike. Want is also similar in meaning with would like which is more polite .
