GENERAL KNOWLEDGE

Detailed explanation-1: -The demand of a product refers to the number of similar products that will be offered for sale at a particular time and at a particular place. The failure rate of non-franchised businesses is higher than the failure rate for franchised businesses.

Detailed explanation-2: -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. Therefore, demand is a force that affects economic growth and market expansion.

Detailed explanation-3: -A change in quantity demanded refers to a change in the specific quantity of a product that buyers are willing and able to buy. This change in quantity demanded is caused by a change in the price.

Detailed explanation-4: -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-5: -Price demand Price demand relates to the amount a consumer is willing to spend on a product at a given price. Businesses use this information to determine at what price point a new product should enter the market. Consumers will buy items based on their perception of that product’s value.