ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The willingness to buy a good or service and the ability to pay for it is called demand. In economics, demand refers to the buyer’s desire to avail of a service or to purchase goods at a particular price without any hesitations.

Detailed explanation-2: -Demand is the desire, willingness and ability of consumers to pay a certain price for a product or service at a given period. Businesses can use it to determine the necessary supply and how to price an item.

Detailed explanation-3: -Market demand is the total quantity demanded by all consumers in a market for a given good. Aggregate demand is the total demand for all goods and services in an economy.

Detailed explanation-4: -“Demand means effective desire or want for a commodity, which is backed by the ability (i.e., money or purchasing power) and willingness to pay for it.” That is one should have the desire and capacity to buy a commodity and should be willing to pay its price to constitute effective demand for that commodity.

Detailed explanation-5: -Desire refers to the ambition or aspiration of a person. Want is a strong feeling, craving or demand of a person to possess some things. Demand refers to the claim, interest, order or ability to purchase that commodity at a given price.