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What is Demand ??


Demand is the quantity of goods or service that consumers are willing and able to purchase at various prices during a period of time.



Demand Schedule

The schedule which, while  other things remaining constant, expresses the relation between different quantities of the commodity demanded at different prices is demand schedule. 


Demand Schedule is of two types :

Individual Demand Schedule :-Individual demand schedule is defined as the quantities of a given commodity which a consumer will buy at different prices.

Market Demand Schedule:- Market demand schedule is one that shows total demand of all the consumers in the market at different prices of the commodity. 


Demand Curve

It is a graphic representation of demand schedule expressing the relationship between different quantities demanded at different possible prices of commodity. 

Demand curve slopes downwards from left to right indication that at higher price demand is less, and at lower price demand is more. 

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[ltr]Concept of Demand[/ltr]


[ltr]All societies necessarily make economic choices. Society needs to make choices about, what should be produced, how should those goods and services be produced, and whom is allowed to consumes those goods and services. For conventional economics the market by way of the operation of supply and demand answer these questions. Under conditions of competition, where no one has the power to influence or set price, the market (everyone, producers and consumers together) determines the price of a product, and the price determines what is produced, and who can afford to consume it.


The concept 'demand' refers to the quantity of good or service that consumers are willing and able to purchase at various prices during a period of time. Demand is a flow concept.

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