ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Demand may be defined as the quantity of a commodity that a consumer is able and willing to buy, at each possible price, over a given period of time. Essential elements of demand are quantity, ability, willingness, prices, and period of time. Own price is the most important determinant of demand.

Detailed explanation-2: -Demand is a principle of economics that captures the consumer’s desire to buy the product or service. The demand is calculated as the price the consumers are willing to pay for the product or service.

Detailed explanation-3: -Consumer demand is an economic measure of a group’s desire for a product or service based on availability. It represents the buying habits of consumers and helps determine the purchasing trends of specific populations.

Detailed explanation-4: -Demand. Demand-a schedule or a curve showing the various amounts of a product consumers are willing and able to buy at each of a series of possible prices during a specified period of time. Quantity Demanded-the amount of a good that consumers choose to buy at a particular price.

Detailed explanation-5: -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.