is one of the four essential characteristics that must be present for any product to have value. Demand refers to the desire to have something. People must desire or need an item for it to have value. However, for this analysis, the desire alone is insufficient. The desire must be coupled with the financial ability to purchase. Value isn’t created just because people “want” something. They have to want and be able to buy – then value will be created.

The four essential characteristics or elements of value are: Demand, Utility, Scarcity, and Transferability – a useful tool to remember them is the acronym DUST.