ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Demand is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period.

Detailed explanation-2: -Demand refers to the consumer’s desire and willingness to buy a product or service at a given period or over time. Consumers must also have the ability to pay for something they want or need as determined by their disposable income budget. Therefore, demand is a force that affects economic growth and market expansion.

Detailed explanation-3: -Demand refers to the amount (price) consumers are willing and able to purchase goods or services at. Demand is based on needs and wants, and while consumers can differentiate between a need and a want, from an economist’s perspective, they are the same thing. Demand is also based on the ability to pay.

Detailed explanation-4: -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-5: -What is the difference between individual and market demand? As you might guess, individual demand refers to a single person or household, while market demand generalizes trends for many individuals in a particular segment.