Demand
DEMAND
Economists study demand in order to understand consumer behavior and the determination of price levels, In the absence of government intervention, prices are determined by the forces of demand and supply. Buyers and sellers are brought into contact with one another in a market. A market does not have to be an actual location. For example, part of the book market now exists on the Internet.
DEFINITION:-
In economics demand is not the same thing as desire, or need, or want. This is because the strength of the desire for something will not, in itself, have any influence on the price of the item. Only when desire is supported by the ability and willingness to pay the price does it become an effective demand and have an influence on the market. Demand, in economics, means effective demand and may be defined as ‘the quantity of the commodity which will be demanded at any given price over some given period of time.’
INDIVIDUAL AND MARKET DEMAND:-
For the great......
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