GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Something you would like to have but can’t necessarily get.
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There is not enough good or services available for trading
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things needed to create goods or services
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The quantity of goods that buyers will take at a particular price.
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Detailed explanation-1: -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. Quantity demanded is a more detailed metric. 1 Graphed out, demand is the entirety of the demand curve, whereas quantity demanded is a single point.
Detailed explanation-2: -Demand is a description of all quantities of a good or service that a buyer would be willing to purchase at all prices. According to the law of demand, this relationship is always negative: the response to an increase in price is a decrease in the quantity demanded.
Detailed explanation-3: -Market demand is the total quantity demanded by all consumers in a market for a given good.
Detailed explanation-4: -What Is Demand? Demand refers to the consumer’s desire and willingness to buy a product or service at a given period or over time. Consumers must also have the ability to pay for something they want or need as determined by their disposable income budget.