What is Demand in Economics Class 11 Notes ?

What is Demand in Economics ?

Demand is the quantity of a particular commodity,  that a consumer is willing to buy, and is able to buy, at each possible price during a given period of time. In order to understand, what is demand in Economics, the following  four essential elements of demand should co-exist :-

(i) Quantity of the commodity

(ii) Willingness , and ability to buy

(iii) Possible Price of the commodity

(iv) Period of time for which such demand is measured

Demand for a commodity may be either with respect to an individual or to the entire market.

Individual  demand concept 

Individual demand refers to the quantity of a commodity that a consumer is willing and able to buy at each possible price during a given period of time.

Market demand 

Market demand refers to the quantity of a commodity that all consumers are willing and able to buy at each possible price during a given period of time.

Consumer’s Equilibrium and Demand

• Concept of Utility in Economics
• Measurement of Utility in Economics
• Total Utility and Marginal Utility
• Law of Diminishing Marginal Utility
• Conditions of Consumer’s Equilibrium
• Theory of Demand
• Demand Characteristics
• Determinants of demand
• Determinants of Market Demand
• Demand Function In Economics
• Demand Schedule | Individual demand schedule | Market demand schedule