Quantity of goods (or services) that a buyer/consumer is willing and able to buy at the specific price in the market available/offered for sale.
For a need or want to become demand following important conditions are to be met as mentioned in the definition above:
- There must be a buyer with the need or want.
- Buyer must have the ability to back up its willingness by sacrificing the resources as a price to acquire the goods or services.
- His ability and willingness is coupled with the specified price.
- Goods or services must be made available for sale or hire. Goods not offered for sale cannot amount to demand.