Demand definition, explanation and its relationship with price

Demand

Meaning of Demand in Economics

i. Demand refers to the behavior of consumers.
ii. Demand is the quantity of a commodity actually bought
Demand is the amount of a product buyers are willing and able to purchase at a given price over a particular period of time.

Condition of Demand

So demand has two conditions:
i. Desire to purchase
ii. Purchasing power
The desire for a commodity is not demand, for example, the desire of a poor man to purchase a car is not demand because he has no power to purchase it.

Demand = Desire to purchase + Ability to Purchase
Note:-
Demand is always based on willingness and ability to pay for a product, not merely want or need for the product.

Demand is a relationship between two economic variables:-

i. Price of a particular good
ii. Quantity of the good, which the consumers are willing to buy at that price during a specific time period, all other things being equal.