ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: Demand is the desire of the consumers to purchase a product or service and their willingness to pay the price for them during a given period. As price decreases, the quantity demanded by consumers increases. Conversely, as the price increases, the quantity supplied increases.

Detailed explanation-2: -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-3: -Demand is just how many of an item a consumer is willing to buy-the sheer quantity. Quantity demanded is how many things a consumer will purchase at a specific price.

Detailed explanation-4: -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-5: -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. People demand goods and services in an economy to satisfy their wants, such as food, healthcare, clothing, entertainment, shelter, etc.