What is Demand ?
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.
The definition of demand highlights four essential elements of demand:-
(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 : –
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.
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