Deepti gupta
Download as PPTX, PDF0 likes321 views
Demand refers to a consumer's willingness and desire to purchase a good or service based on its price. There are different types of demand, including cross, joint, composite, and income demand. The law of demand states that demand is inversely related to price - as price increases, consumer demand decreases, and vice versa. A demand schedule numerically lists the relationship between price and quantity demanded, while a demand curve graphs this relationship, with price on the y-axis and quantity demanded on the x-axis.
Deepti gupta
- 2. DEMAND An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.
- 3. TYPE OF DEMAND CROSS DEMAND JOINT DEMAND COMPOSIT DEMAND INCOME DEMAND MARKET
- 6. DEMAND CURVE It is a graphic representation of a demand schedule.
- 8. LOW OF DEMAND The law of demand states that there is a direct relationship between the price of a good and the demand for it. In particular, people generally buy more of a good when the price is low and less of it when the price is high