demand
Let an agent explain demand in economics, relay the theory of demand curves, elasticity and shifts from economics references, describe kinds such as effective, derived and labour demand, and distinguish economic demand from wants and from legal demands.
Research draft, second pass
A second pass drafted this model: the structure a model of this thing needs, and what is known about it in the world. The line under this one says how the second half was obtained - researched against sources, or recalled without web access, in which case nothing here was read anywhere and every claim is a lead to verify. Unreviewed either way.
written by Claude from model knowledge without web access - no source was read, every claim is a lead to verify
Researched by: Claude
Purpose and description
Let an agent explain demand in economics, relay the theory of demand curves, elasticity and shifts from economics references, describe kinds such as effective, derived and labour demand, and distinguish economic demand from wants and from legal demands.
In economics, the quantity of a good or service that buyers are willing and able to purchase at various prices over a period, represented by a demand curve and shifted by income, preferences, prices of related goods and expectations, with forms such as effective demand backed by purchasing power, derived demand for inputs arising from demand for outputs, labour demand from employers, and sectoral demands such as energy and fossil fuel demand or educational demand; demand interacts with supply to determine prices and quantities in markets.
What it is for: Not applicable; an economic concept.
It can be explain the concept and curve; relay elasticity and shifts; describe kinds of demand; distinguish from wants and legal demands.
Distinguishing features
Price-quantity relation
Elasticity
Shift factors
Aggregate and sectoral forms
What it looks like
Not a visible object; a downward-sloping curve on a price-quantity diagram.
Physical character
law of demand: quantity falls as price rises principle - with exceptions
price elasticity: percentage change in quantity over percentage change in price formula
How it is recognised
Willingness and ability to buy at prices
Effective, derived, labour, energy, fossil fuel and educational demand
A want lacks purchasing power; a legal demand is a claim; supply is the other side of the market
Related models
is a kind of - in registry terms
interacts with - to set market prices
is measured by - for responsiveness
aggregates to - in macroeconomics
In practice
Families and kinds
individual and market demand
effective demand
derived demand for inputs
labour demand
aggregate demand in macroeconomics
sectoral demand such as energy, fossil fuel and educational demand
demand for money and other financial demand
Standards and regulation
No regulation; standard economic definitions
Statistical measurement of consumption and demand by agencies
Failure modes and hazards
Confusing demand with quantity demanded
Confusing wants with effective demand
Presenting contested macroeconomic theories as settled
Also called
Where this came from
wikidata · CC0 1.0
Also registered as vr.tr.demand-act
Drafted structure
Bundle to layer to finding to question, as the second pass will find it: 4 bundles · 8 layers · 8 findings · 16 questions.
Understand What demand is.
Definition.
Definition
Definition and curve.
Definition
Definition.
- What is demand in economics, and how does the demand curve represent it? definition
- Is the question about economic demand, a want, a legal demand or a sectoral forecast? boundary
Kinds
Kinds.
Kinds
Kinds.
- What are effective, derived, labour, aggregate and sectoral demand such as energy and educational demand? definition
- Which entry fits the specific kind? action
Analyse Analysis.
Science.
Elasticity
Elasticity and shifts.
Elasticity
Elasticity.
- How do elasticity, income, substitutes and expectations shape and shift demand? provenance
- Which references are standard? provenance
Equilibrium
Supply and demand.
Equilibrium
Equilibrium.
- How do supply and demand determine prices and quantities, and what are surpluses and shortages? provenance
- Which entry fits supply and demand? action
Apply Applications.
Application.
Forecasting
Demand forecasting.
Forecasting
Forecasting.
- How are energy, fossil fuel and other demands forecast, and what do agencies project, with sources? provenance
- Which sources are cited? provenance
Policy
Demand-side policy.
Policy
Policy.
- How do governments manage demand through fiscal and monetary policy, with positions attributed? provenance
- Is the presentation neutral? boundary
Context History and behaviour.
Context.
History
History of the concept.
History
History.
- How did the theory of demand develop from Marshall to Keynes and modern microeconomics? provenance
- Which entry fits the history of economic thought? action
Behaviour
Behavioural insights.
Behaviour
Behaviour.
- How does behavioural economics modify the standard theory of demand, with findings attributed? provenance
- Which entry fits behavioural economics? action
What the second pass must settle
- Should aggregate demand and labour demand be separate primary entries?
- How should economics references be linked?
- The registry entry has merged aliases naming sectoral demands; should they be split off?