ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -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-3: -Supply-a schedule or a curve showing the amounts of a product a producer is willing and able to produce and make available for sale at each of a series of possible prices during a specific period of time. Quantity Supplied-the amount of a good that firms choose to sell at a particular price.

Detailed explanation-4: -The quantity demanded represents the quantity that people or consumers are able and willing to buy at a specific price.

Detailed explanation-5: -Q. Individual demand refers to the quantity of the commodity that a consumer is able and willing to buy at each possible price during a given period of time.