In economics, demand is the desire to own anything and the ability to pay for it and willingness to pay.

The term demand signifies the ability or the willingness to buy a particular commodity at a given point of time

Good's own price Price of related goods Income Tastes or preferences Consumer expectations about future prices and income This list is not exhaustive. All facts and circumstances that a buyer finds relevant to his willingness or ability to buy goods can affect demand. For example, a person caught in an unexpected storm is more likely to buy an umbrella than if the weather were bright and sunny

Market or aggregate demand is the summation of individual demand curves. In addition to the factors which can affect individual demand there are three factors that can affect market demand (cause the market demand curve to shift): a change in the number of consumers, a change in the distribution of tastes among consumers, a change in the distribution of income among consumers with different tastes

In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity, and the amount of it that consumers are willing and able to purchase at that given price. It is a graphic representation of a demand schedule

Demand curves are used to estimate behaviors in competitive markets, and are often combined with supply curves to estimate the equilibrium price (the price at which sellers together are willing to sell the same amount as buyers together are willing to buy, also known as market clearing price) and the equilibrium quantity (the amount of that good or service that will be produced and bought without surplus/excess supply or shortage/excess demand) of that market. In a monopolistic market, the demand curve facing the monopolist is simply the market demand curve.

Changes in disposable income Changes in tastes and preferences - tastes and preferences are assumed to be fixed in the short-run. This assumption of fixed preferences is a necessary condition for aggregation of individual demand curves to derive market demand. Changes in expectations. Changes in the prices of related goods (substitutes and complements) Population size and composition Expectations

increase in price of a substitute decrease in price of complement increase in income if good is a normal good decrease in income if good is an inferior good

decrease in price of a substitute increase in price of a complement decrease in income if good is normal good increase in income if good is inferior good