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Home→The Westburn Dictionary of Marketing→D→demand, theory of

demand, theory of

Definition:
Deals with the relation between quantity demanded and the price of the commodity, and regards demand for a product as a function of its price, the price of substitutes and complements, consumer tastes and incomes. The relation between demand and price is central to price theory and demand schedules and demand curves are the techniques of describing demand- price relationships.

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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].