Write Short Note: Concept of Demand - Economics


Write short note:

Concept of demand



 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.

Concept: Types of Demand
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Chapter 3: Demand Analysis - Exercise 3 [Page 24]


Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 3 Demand Analysis
Exercise 3 | Q 2.3 | Page 24


Expansion of demand and Increase in demand.

The demand for salt is _____________.

A perfectly inelastic demand curve is parallel to 'Y' axis.

Distinguish between Individual demand and Market demand.

Distinguish between the following:

Direct demand and Indirect demand.

Explain with reason whether you 'agree' or 'disagree' with the following statement:

There are many types of demands.

Define or explain the following concepts (Any THREE): 

Individual demand 

Match the following Group 'A' with Group 'B':   

Group 'A' Group 'B'
(a) Electricity (1) Joint demand
(b) Perfectly elastic demand (2) Lord Keynes
(c) Aggregate supply (3) Prof. Pigou
(d) Propensity to consume (4) Fixed deposits
(e) Higher interest rate (5) Composite demand
  (6) Demand curve parallel to 'X' axis
  (7) Natural resources

Define or Explain the concept 

 Perfectly elastic demand  

State whether the following statements are True or False with reason: 

Demand for medicine is inelastic. 


Distinguish between  Joint demand and Composite demand. 

Define or explain the following concept:


Define or explain the following concept:

Increase in demand

Define or explain the following concept :

Market demand schedule

Write short note:

Giffen's paradox

Give economic terms:

A commodity which can be put to several uses.

Answer the following:

Explain any four types of demand.

Complete the correlation.

Direct demand : Food and Mobiles : ______ : Land and Labour.

Distinguish between:

Joint/complementary demand and competitive demand.

Find the odd word out:

Direct demand:

Find the odd word out:

Useful products:

Find the odd word out:

Types of demand:

Identify and explain the following concept:

Due to mandatory use of masks during corona epidemic the demand for mask-producing labour has increased.

State with reasons whether you agree or disagree with the following statements:

When price of Giffen goods fall, the demand for it increases.


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