Determinants of Demand

The quantity demanded of a commodity depends upon the following factors, Price of the commodity, Prices of related goods, Income of the consumer, Taste and preferences of the consumer. Other factors includes population, distribution of income, expectation about the change in prices, stability etc. We can write this in a simple mathematical form: Dx= f […]

Meaning of Demand

The term demand is defined as the number of units of particular goods or service that consumer are willing to purchase during a specific period and under a given set of period. Demand is distinct from desire and generally it is confused with desire. We can desire for anything. A mere desire for a commodity […]