Fisheries Economics

2.1.3. Demand

Demand is defined as a desire for a commodity or service supported with necessary purchasing power and willingness to pay a price for it. Such a desire is called effective demand. Thus, all desires are not demands. Demand is expressed with reference to price and time only. Demand without price or time has no relevance. The demand should always be expressed in terms of quantity at a particular price at a particular place. For example, the demand for seer fish in Chennai city may be 50 tons per day at a price of say Rs.150 per kg.