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Everything about Demand
Concept in economics
In economics, demand is the quantity of a good consumers are willing and able to purchase at various prices over a given period. In economics, "demand" for a commodity is not the same thing as "desire" for it. It refers to both the desire to purchase and the ability to pay for a commodity. Wikipedia →
🧭 Start here: a 6-step reading path
- Read the overview: DemandA 5-minute orientation
- Skim a recent paper: The role of environmental technology for energy demand and energy efficiency: Evidence from OECD countriesInfluential work since 2022
- Pick up a classic book: MacroeconomicsThe most-reprinted book on the subject
- Read the landmark paper: MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEYCited 7,997 times
- Go sideways: Demand curveA closely related topic
- Go sideways: Elasticity (economics)A closely related topic
📖 Definitions
Noun The desire to purchase goods and services.
Noun The market force that causes buyers to be both willing and able to buy a good or service, as measured by the amount of that good or service that is currently salable at any given price point; the amount itself.
Noun A forceful claim for something.
Noun A requirement.
🗂️ The subject at a glance
- Factors influencing demand
- Demand function equation
- Demand curve
- Price elasticity of demand
- Market structure and the demand curve
- Inverse demand function
- Residual demand curve
- Demand function and total revenue
- Is the demand curve for PC firm really flat?
- Demand management in economics
- Different types of goods demand
- Criticism
🏆 Landmark papers (most cited)
MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY
Global food demand and the sustainable intensification of agriculture
On the Concept of Health Capital and the Demand for Health
Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market
Travel demand and the 3Ds: Density, diversity, and design
Changes in Relative Wages, 1963-1987: Supply and Demand Factors
On the social psychology of the psychological experiment: With particular reference to demand characteristics and their implications.
Demand Side Management: Demand Response, Intelligent Energy Systems, and Smart Loads
🆕 Influential since 2022
The role of environmental technology for energy demand and energy efficiency: Evidence from OECD countries
Injectable, self-healing hydrogel adhesives with firm tissue adhesion and on-demand biodegradation for sutureless wound closure
Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?
A forecast on future raw material demand and recycling potential of lithium-ion batteries in electric vehicles
Energy storage on demand: Thermal energy storage development, materials, design, and integration challenges
📚 Books worth reading
MacroeconomicsPaul R. Krugman, Robin Wells · 2006
The waste makersVance Packard · 1960- 📕An In-depth examination of the 1980 decennial census employment data for health occupationsUnited States. Health Resources and Services Administration. Bureau of Health Professions · 1984
Economics for Investment Decision MakersSandeep Singh, Jerald E. Pinto · 2013
Renewable electricity and the gridGodfrey Boyle · 2009
ScarcitySendhil Mullainathan · 2013- 📕Limits to ScarcityLyla Mehta · 2010
- 📕The theory and measurement of demandHenry Schultz · 1938
Ranked by number of editions on Open Library, a rough measure of how lasting a book is.
🔗 Related topics
- Demand curve A demand curve is a graph depicting the inverse demand function, a relationship between the price of a certain commodity (the y-axis) and the quantity…
- Elasticity (economics) In economics, elasticity measures the responsiveness of one economic variable to a change in another. For example, if the price elasticity of the demand…
- Price elasticity of demand A good's price elasticity of demand (Ed, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded…
- Law of demand In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded…
- Total revenue Total revenue is the total receipts a seller can obtain from selling goods or services to buyers. It can be written as P × Q, which is the price of the…
- Marginal revenue Marginal revenue (or marginal benefit) is a central concept in microeconomics that describes the additional total revenue generated by increasing product…
- Price elasticity of supply The price elasticity of supply (PES or Es) is commonly known as “a measure used in economics to show the responsiveness, or elasticity, of the quantity…
- Supply (economics) In economics, supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing…