Demand is human wants backed by buying power. So, three features are essential to be demand in the view point of economics. These are as follows.
a) Want or desire to consume, b) Ability to purchase and c) Willingness
to spend.
Therefore, demand is
a set of various amounts of a product that consumers are willing and able to
purchase at each of a series of possible prices during a specified period of
time.
Demand depends on the price of the commodity, the
person’s money income, the prices of other commodities, and individual tastes