Demand vs. Quantity Demanded
In the world of economics, demand and supply are the two of the most heard term as many of the main ideas of this discipline comes under the umbrella of these concepts. The law of demand is directly dependent on the law of demand, which unveils the reason and factors which make up the change in consumer’s demand. The factors income, price, substitutes, taste, and priorities let the consumer decide that what they demand for. At the same time, we observe that the necessity goods of life are cheaper, whereas the inessential or things related to luxury and comfort are usually expensive. Two of the economic terms demand and quantity demanded better explains the idea of the demand and the factors surrounding it. People often take these terms as synonyms, but in actual they are quite different terms which cover the different ideas totally. The ability of the consumer to purchase the goods or services he/she desired for is known as the demand. Conversely, the specific amount of goods and services demanded by the consumer with respect to the price in the marketplace is known as the quantity demanded.
Key Differences
The concept of demand depends on the affordability and desire of the consumer to buy that product. Contrary to this, quantity demanded directly depends on the price offered for that amount of goods and services.
The changes or variations in demand come due to the factors like income, the price of substitutes, and the price of complementary goods. Conversely, when the change is due to the price, then it is the quantity demanded.
The term demand refers to the willingness of the consumer to purchase the good with respect to his/her affordability to pay for its price. On the other hand, quantity demanded tells about the customer’s demand for the specific amount of goods at a particular price at the given point in time.
If the discussion is about the increase or decrease in the demand, it refers to the change in demand, whereas if the discussion is about the expansion or contraction of the demand, it means the change in the quantity demanded.
Comparison Chart
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The term demand refers to the willingness of the consumer to purchase the good with respect to his/her affordability to pay for its price.
Quantity demanded tells about the customer’s demand for the specific amount of goods at a particular price at the given point in time.
Depends
The concept of demand depends on the affordability and desire of the consumer to buy that product.
Quantity demanded directly depends on the price offered for that amount of goods and services.
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Refers
If the discussion is about the increase or decrease in the demand, it refers to the change in demand.
If the discussion is about the expansion or contraction of the demand, it means the change in the quantity demanded.
Factors bringing change
The changes or variations in demand come due to the factors like income, the price of substitutes, and the price of complementary goods.
When the change is due to the price, then it is the quantity demanded.
Demand and Quantity Demanded Definitions
Demand
To ask for urgently or peremptorily
Demand an investigation into the murder.
Demanding that he leave immediately.
Demanded to speak to the manager.
Demand
To claim as just or due
Demand repayment of a loan.
Demand
To ask to be informed of
Demanded an explanation for the interruption.
Demand
To require as useful, just, proper, or necessary; call for
A gem that demands a fine setting.
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Demand
To lay legal claim to; claim formally.
Demand
To ask that (something) be done in accordance with a legal requirement.
Demand
To make a demand.
Demand
An act of demanding; an urgent request.
Demand
Something demanded
On strike until they get their demands.
Demand
An urgent requirement or need
The heavy demands of her job.
The emotional demands of his marriage.
An increased oxygen demand.
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Demand
The state of being sought after
In great demand as a speaker.
Demand
(Economics) The desire for goods or services in an economy, measured as the amount people are ready to buy at a given price
Supply should rise to meet demand.
Demand
A formal claim.
Demand
A request that some act be done or payment made in accordance with a legal requirement.
Demand
(Archaic) An emphatic question or inquiry.
Demand
The desire to purchase goods and services.
Prices usually go up when demand exceeds supply.
Demand
(economics) The amount of a good or service that consumers are willing to buy at a particular price.
Demand
A forceful claim for something.
Modern society is responding to women's demands for equality.
Demand
A requirement.
His job makes many demands on his time.
There is a demand for voluntary health workers in the poorer parts of Africa and Asia.
Demand
An urgent request.
She couldn't ignore the newborn baby's demands for attention.
Demand
An order.
Demand
(electricity supply) More precisely peak demand or peak load, a measure of the maximum power load of a utility's customer over a short period of time; the power load integrated over a specified time interval.
Demand
To request forcefully.
I demand to see the manager.
Demand
To claim a right to something.
The bank is demanding the mortgage payment.
Demand
To ask forcefully for information.
I demand an immediate explanation.
Demand
To require of someone.
This job demands a lot of patience.
Demand
(legal) To issue a summons to court.
Demand
To ask or call for with authority; to claim or seek from, as by authority or right; to claim, as something due; to call for urgently or peremptorily; as, to demand a debt; to demand obedience.
This, in our foresaid holy father's name,Pope Innocent, I do demand of thee.
Demand
To inquire authoritatively or earnestly; to ask, esp. in a peremptory manner; to question.
I did demand what news from Shrewsbury.
Demand
To require as necessary or useful; to be in urgent need of; hence, to call for; as, the case demands care.
Demand
To call into court; to summon.
Demand
To make a demand; to inquire.
The soldiers likewise demanded of him, saying, And what shall we do?
Demand
The act of demanding; an asking with authority; a peremptory urging of a claim; a claiming or challenging as due; requisition; as, the demand of a creditor; a note payable on demand.
The demand [is] by the word of the holy ones.
He that has confidence to turn his wishes into demands will be but a little way from thinking he ought to obtain them.
Demand
Earnest inquiry; question; query.
Demand
A diligent seeking or search; manifested want; desire to possess; request; as, a demand for certain goods; a person's company is in great demand.
In 1678 came forth a second edition [Pilgrim's Progress] with additions; and then the demand became immense.
Demand
That which one demands or has a right to demand; thing claimed as due; claim; as, demands on an estate.
Demand
The asking or seeking for what is due or claimed as due.
Demand
The ability and desire to purchase goods and services;
The automobile reduced the demand for buggywhips
The demand exceeded the supply
Demand
An urgent or peremptory request;
His demands for attention were unceasing
Demand
A condition requiring relief;
She satisfied his need for affection
God has no need of men to accomplish His work
There is a demand for jobs
Demand
The act of demanding;
The kidnapper's exorbitant demands for money
Demand
Required activity;
The requirements of his work affected his health
There were many demands on his time
Demand
Request urgently and forcefully;
The victim's family is demanding compensation
The boss demanded that he be fired immediately
She demanded to see the manager
Demand
Require as useful, just, or proper;
It takes nerve to do what she did
Success usually requires hard work
This job asks a lot of patience and skill
This position demands a lot of personal sacrifice
This dinner calls for a spectacular dessert
This intervention does not postulates a patient's consent
Demand
Claim as due or just;
The bank demanded payment of the loan
Demand
Lay legal claim to
Demand
Summon to court
Demand
Ask to be informed of;
I demand an explanation
What is Demand?
The term demands refer to the willingness of the consumer to purchase the good with respect to his/her affordability to pay for its price. The idea of the demand in the economics world better tells about the reach and capability of a consumer to buy the specific product he/she is willing to buy at the given period. If the economic goods or service is out of the reach of the consumer than it can’t be classified as the demand, at the same time, if the consumer has ‘desire’ to buy the specific good, it alone doesn’t make it the demand of the consumer. When we talk about the demand, it should have both the ideas, willingness, and affordability described. It should be kept noted that the demand is dependent on three of the elements; namely desire to buy, affordability and willingness to utilize the bought goods or services. The term demand possesses the diversity in it following it; we also talk about the term market demand which tells that what majority of consumers demand in the market. Whenever we use the term ‘desire’ in the demanding field, it also narrates about the consumers need to purchase that specific product.
What is Quantity Demanded?
The term quantity demanded tells about the customer’s demand for the specific amount of goods at a particular price at the given point in time. The quantity demanded directly depends on the price offered for that amount of goods and services, irrespective of the market condition that whether the market is in the equilibrium state or not. The principle of quantity demanded refers to the amount of the specific goods or products offered at the particular price. The idea of the quantity demanded revolves around the concept of the law of demand, which tells that the price of the product and the demand are inversely proportional to each other. In other words, we can say that it exists on the idea that if the price of the product increases the demanded decrease and vice versa.
