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: -Consumer income, preferences, and willingness to substitute one product for another are among the most important determinants of demand. Consumer preferences will depend, in part, on a product’s market penetration, since the marginal utility of goods diminishes as the quantity owned increases.

Detailed explanation-4: -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.