ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Demand is just how many of an item a consumer is willing to buy-the sheer quantity. Quantity demanded is how many things a consumer will purchase at a specific price. Quantity demanded is a more detailed metric. 1 Graphed out, demand is the entirety of the demand curve, whereas quantity demanded is a single point.

Detailed explanation-2: -Scarcity is so fundamental to economics that scarce goods are also known as economic goods. In economics, scarce goods are those for which demand would exceed supply at a price of zero.

Detailed explanation-3: -Demand theory describes the way that changes in the quantity of a good or service demanded by consumers affects its price in the market, The theory states that the higher the price of a product is, all else equal, the less of it will be demanded, inferring a downward sloping demand curve.

Detailed explanation-4: -"Inelastic refers” to the static quantity of a good or service when its price changes. Inelastic demand means that when the price of a good or service goes up, consumers’ buying habits stay about the same, and when the price goes down, consumers’ buying habits also remain unchanged.