Dictionary Definition of 'demand'
A desire or need for a particular product, service, or resource, accompanied by the willingness and ability to pay for it.
"The high demand for the new smartphone led to sold-out stores."
Detailed Meaning of 'demand'
It represents the quantity of goods or services that consumers or buyers are willing to purchase at a given price and within a specific time period. Demand is a fundamental concept in economics, as it drives the supply and production of goods and services in a market. It is influenced by various factors, including price, consumer preferences, income levels, availability of substitutes, and overall market conditions. Understanding demand is essential for businesses to make informed decisions regarding pricing, production, and marketing strategies. The level of demand for a product or service can fluctuate over time and is typically represented by demand curves or schedules, which illustrate the relationship between price and quantity demanded.
Examples of 'demand' in a Sentence
1. The company struggled to meet the overwhelming demand for their latest product.
2. The surge in online shopping during the holiday season created a spike in demand for delivery services.
3. The fashion industry constantly evolves to meet the changing demands of consumers.
4. The restaurant increased its staff to keep up with the growing demand for their popular dishes.
5. The sudden increase in demand for face masks caused shortages in stores.
6. The company conducted market research to better understand customer demands and preferences.
History and Etymology of 'demand'
The noun 'demand' has an etymology that can be traced back to Latin and Old French. It is derived from the Old French word 'demander,' which means 'to request' or 'to demand.' This word, in turn, comes from the Latin word 'demandare,' which combines 'de' meaning 'completely' and 'mandare' meaning 'to entrust' or 'to order.' Therefore, the etymology of 'demand' conveys the idea of entrusting or ordering something completely, reflecting the notion of a desire or need for a particular product, service, or resource, accompanied by the willingness and ability to pay for it. The word has preserved its connection to the concept of requesting or ordering something, reflecting its historical origins in both Latin and Old French, where it signified the act of making a request or claim for something.
Quiz Categories Containing 'demand'