Simple English definitions for legal terms
Read a random definition: coinsurance
Demand: When someone asks for something very strongly or when a court orders someone to do something. In economics, demand means how much people want to buy a product.
Definition: Demand can have different meanings depending on the context. In legal terms, it means to request something forcefully or under legal authority. For example, a demand letter is a legal document that initiates a dispute resolution process where one party seeks performance or abstention from a specific action, or monetary restitution to settle a claim.
In economics, demand refers to the relationship between the quantity of a product produced and the desire of consumers to purchase that product. It is the amount of a good or service that consumers are willing and able to buy at a certain price and time.
Examples:
The legal example illustrates how demand can be used to request something under legal authority. The economic example shows how demand is affected by changes in price and how consumers may adjust their purchasing behavior accordingly.