ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Market demand is the total quantity demanded by all consumers in a market for a given good.

Detailed explanation-2: -Demand is a principle of economics that captures the consumer’s desire to buy the product or service. The demand is calculated as the price the consumers are willing to pay for the product or service.

Detailed explanation-3: -Market demand is the total amount of demand that a product has in a certain market at a certain price. In other words, it quantifies how many products would be purchased in a specific market.

Detailed explanation-4: -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-5: -i. Individual and Market Demand: ii. Organization and Industry Demand: iii. Autonomous and Derived Demand: iv. Demand for Perishable and Durable Goods: v. Short-term and Long-term Demand: