47. Has two distinct meanings: one, in regard to its extent, or the quantity of commodities purchased; and the other, in regard to its intensity, or the sacrifice which the demanders are able and willing to make in order to satisfy their wants.
DEMAND IN REGARD TO ITS EXTENT.
48. The quantity of the commodity purchased, which generally increases with the increase of the supply, and diminishes with the diminution of it. It is often the greatest when commodities are selling below the costs of production.
DEMAND IN REGARD TO ITS INTENSITY.
49. The sacrifice which the demanders are able and willing to make in order to satisfy their wants. It is this species of demand alone which, compared with the supply, determines prices and values.
EFFECTUAL DEMAND, IN REGARD TO ITS EXTENT.
50. The quantity of a commodity wanted by those who are able and willing to pay the costs of its production.
EFFECTUAL DEMAND, IN REGARD TO ITS INTENSITY.
51. The sacrifice which the demanders must make, in order to effectuate the continued supply of a commodity.