Demand

{
  "id": "MLC-T-ENV-007596",
  "term": "Demand",
  "field": "Environment",
  "definition": "1. Generally, the amount of a particular good or service that a consumer or group of consumers will want to purchase at a given price. Demand for a good or service is determined by many different factors other than price, such as the price of substitutability and complementary goods and services. Along with supply, demand is one of the two key determinants of the market price.\n\n2. Quantity of a good or service that a person wants at a given price.\n\n3. Maximum water use under a specified condition.\n\n4. Economic concept, demand is the amount of a particular good or service that potential buyers would be willing and able to purchase at any given price. The level of demand for a good or service is also determined by many other factors, such as the availability and price of substitute and complementary goods and services and the income of the potential buyers. Demand is not the same as economic value, but it is a key determinant of the economic value of a good or service. Although most ecosystem services are not bought and sold in markets -- so, there is no market price -- the economic demand for an ecosystem service can nonetheless be thought of as the amount that people would be willing and able to buy of the service if they could only acquire it through a market transaction. Context: As an economic concept, demand can be influenced by, but is not the same thing as, a need, requirement, or desire. Like economic values, the demand for economic or ecosystem goods or services is a reflection of individuals' preferences for them.\n\n5. As an economic concept, demand is the amount of a particular good or service that potential buyers would be willing and able to purchase at any given price. The level of demand for a good or service is also determined by many other factors, such as the availability and price of substitute and complementary goods and services and the income of the potential buyers. Demand is not the same as economic value, but it is a key determinant of the economic value of a good or service. Although most ecosystem services are not bought and sold in markets -- so, there is no market price -- the economic demand for an ecosystem service can nonetheless be thought of as the amount that people would be willing and able to buy of the service if they could only acquire it through a market transaction. Context: As an economic concept, demand can be influenced by, but is not the same thing as, a need, requirement, or desire. Like economic values, the demand for economic or ecosystem goods or services is a reflection of individuals' preferences for them.",
  "subject": "Ecosystems",
  "references": [
    "Core Ecosystem Services Research Program Standard Lexicon",
    "EPA Subject Matter Expert - Thurston",
    "DOI Bureau of Reclamation Managing Water in the West Glossary",
    "NESCS Plus Glossary",
    "National Ecosystem Classification System (NESCS) Plus Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/demand/"
}