What is Demand ?| Economics | CBSE |

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What is Demand?

What is Demand?It is defined as the quantity of a commodity that are consumers are willing and
able to purchase in the market in a given period of time and at a given price. For
example, a consumer demand 5 kg of sugar in a month at a price 40 Rs per kg.
Demand also mentioned to as effective Desire.
Demand can be classified as:

Individual demand

Demand of an individual unit is termed as an individual demand. Example,
demand of Sharma’s household for milk price at 44 Rs per liter, if 50 liters per
month.

Market demand:

It means the total quantity of a commodity that all its by are willing to purchase at
different price over given period of time example demand of all the household for
milk price at 44 Rs Per liter is 20000 per month.

Demand function:

The functional relationship between the demand for a commodity and the factor
affecting demand is termed as demand.

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