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:

  1. There must be a buyer with the need or want.
  2. Buyer must have the ability to back up its willingness by sacrificing the resources as a price to acquire the goods or services.
  3. His ability and willingness is coupled with the specified price.
  4. Goods or services must be made available for sale or hire. Goods not offered for sale cannot amount to demand.