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Parent Node(s):
DEMAND
(1) As a term in economics, demand means the amount of
a commodity (good or service) that would be purchased at a given
price. An associated term is [DEMAND FUNCTION,] which presents
the demand-versus-price relationship. A demand function for a
given commodity is compared with a corresponding [SUPPLY
function] to determine the EQUILIBRIUM PRICE: a price at which
the supply offered matches the demand. (2) In another usage,
demand means the amount of a commodity required for a certain
purpose. It often relates to the future, as in: "the world
energy demand in the year 2030 will be 35 terawatts." Implicit
in this statement is that the price of energy as well as other
economic conditions will be such that 35 terawatts will be
consumed (purchased) if technically available. (IIASA)
URL= http://cleamc11.vub.ac.be/ASC/DEMAND.html