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 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: -Demand-a schedule or a curve showing the various amounts of a product consumers are willing and able to buy at each of a series of possible prices during a specified period of time. Quantity Demanded-the amount of a good that consumers choose to buy at a particular price.

Detailed explanation-5: -The equilibrium price is the only price where the plans of consumers and the plans of producers agree-that is, where the amount consumers want to buy of the product, quantity demanded, is equal to the amount producers want to sell, quantity supplied. This common quantity is called the equilibrium quantity.