BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants-a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing.

Detailed explanation-2: -Quantity demanded is the amount of a good that buyers are willing and able to purchase at a particular price. Many things determine demand, but only price can determine the quantity demanded of a specific good.

Detailed explanation-3: -Demand indicates how much of a product consumers are both willing and able to buy at each possible price during a given period, other things remaining constant.

Detailed explanation-4: -Demand is an economic concept that relates to a consumer’s desire to purchase goods and services and willingness to pay a specific price for them. An increase in the price of a good or service tends to decrease the quantity demanded.

Detailed explanation-5: -Demand is the consumer’s desire to purchase a particular good or service. Market demand is the demand for a particular good in the market. Aggregate demand is the total demand for goods and services in the economy. Demand and supply match determines the price of the good or service. Understanding the concept of demand.