GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the amount of goods or services that consumers are willing and able to purchase at a point in time
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the amount of products created throughout the production process that are available to the household sector
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the amount of goods and services that businesses produce for the household sector at a point in time
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the amount of goods required in the production process
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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: -The household demand curve shows the quantity of chocolate bars demanded by an individual household at each price. It has a negative slope: higher prices lead people to consume fewer chocolate bars.
Detailed explanation-3: -In economics, quantity demanded refers to the total amount of a good or service that consumers demand over a given period of time. Quantity demanded depends on the price of a good or service in a marketplace.
Detailed explanation-4: -Market demand refers to the demand of all consumers of a good or service at a given price, with other factors as money income, tastes, and preferences, prices of other goods constant. It can be graphically obtained by aggregating the individuals’ consumer demand for a commodity.
Detailed explanation-5: -Demand is the quantity of consumers who are willing and able to buy products at various prices during a given period of time. Demand for any commodity implies the consumers’ desire to acquire the good, the willingness and ability to pay for it.