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What is Demand in Economics?
Demand is the quantity of a particular commodity that a consumer is willing to buy and can buy at each possible price during a given period. To understand what demand is in Economics, the following four essential elements of demand should co-exist:-
(i) Quantity of the commodity
(ii) Willingness and ability to buy
(iii) Possible Price of the commodity
(iv) period for which such demand is measured
Demand for a commodity may be either concerning an individual or the entire market.
Individual demand concept
Individual demand refers to the quantity of a commodity that a consumer is willing and able to buy at each possible price during a given time.
Market demand under What is demand in economics
Market demand refers to the quantity of a commodity that all consumers are willing and able to buy at each possible price during a given period.
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Unit 5: Consumer’s Equilibrium and Demand
- Concept of Utility in Economics
- Measurement of Utility in Economics
- Total Utility and Marginal Utility
- Law of Diminishing Marginal Utility
- Conditions of Consumer’s Equilibrium
- Theory of Demand
- What is Demand in Economics
- Demand Characteristics
- Determinants of demand
- Determinants of Market Demand
- Demand Function In Economics
- Demand Schedule | Individual demand schedule | Market demand schedule