ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Individual’s need or desire for a product or service at a given price. Equilibrium price and quantity is the point at which supply and demand curves meet. Relating to costs, variable costs go up and down depending on the quantity of goods and/or services produced.

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: -The quantity of a commodity a consumer is willing and able to purchase at every possible price during a specific time period is known as Individual Demand.

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: