ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Quantity demanded is the amount of a good that buyers are willing and able to purchase at a particular price. Many things determine demand, but only price can determine the quantity demanded of a specific good.

Detailed explanation-3: -Demand indicates how much of a product consumers are both willing and able to buy at each possible price during a given period, other things remaining constant.

Detailed explanation-4: -In economics, quantity demanded refers to the total amount of a good or service that consumers demand over a given period of time. Quantity demanded depends on the price of a good or service in a marketplace.

Detailed explanation-5: -In economics, quantity supplied describes the number of goods or services that suppliers will produce and sell at a given market price.