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Write Short Note: Concept of Demand - Economics

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Question

Write short note:

Concept of demand

Solution

 Demand for a commodity refers to the quantity of a commodity that a consumer is willing and is able to purchase at a particular price at any particular point of time. In the concept of demand besides ability to purchase, the ability to purchase is also important. It is only when the consumer has sufficient purchasing power the willingness to purchase the commodity can be regarded as demand. Without the purchasing power, the willingness to purchase is only a desire. For example, an individual may be willing to purchase a house. But it can be termed as demand only when the consumer has sufficient purchasing power for the same.

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APPEARS IN

 Micheal Vaz Solution for Micheal Vaz Class 12 Economics (2019 to Current)
Chapter 3: Demand Analysis
Exercise | Q: 3.3 | Page no. 24
Solution Write Short Note: Concept of Demand Concept: Types of Demand.
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