ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -DEMAND-the desire, ability, and willingness to buy a product. that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time.

Detailed explanation-3: -Definition: Market demand describes the demand for a given product and who wants to purchase it. This is determined by how willing consumers are to spend a certain price on a particular good or service. As market demand increases, so does price. When the demand decreases, price will go down as well.

Detailed explanation-4: -Desire refers to the wish a person has. Want is a strong feeling of possessing some things. Demand refers to the desire to have a commodity backed by willingness and ability to purchase that commodity at given price during a period of time.

Detailed explanation-5: -“Demand means effective desire or want for a commodity, which is backed by the ability (i.e., money or purchasing power) and willingness to pay for it.” That is one should have the desire and capacity to buy a commodity and should be willing to pay its price to constitute effective demand for that commodity.