Demand in economics mean demand backed by enough __________ for the goods demanded
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Backed by enough (Consumers) and (Money income / purchasing power) and ( willingness to pay) .
For example : if the price of a good is 100rs but the consumer has only 50rs the consumer won't be able to buy that good.
If the consumer has enough money but the consumer has no desire to purchase that good the consumer won't buy that good.
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Demand in economics mean demand backed by enough desire for the commodity backed by the ability to pay for the goods demanded.
Explanation:
- Demand is an economic refers to the desire of the consumer to purchase goods and services and have the willingness to pay a cost for the required good or service.
- Thereafter it shown that other aspects remain constant, an hike in the cost of a 'good or service' will reduce the quantity demanded, and a decrease in price will increase the the demand.
- Demand is a number of a good that customers are wanting and are able to obtain at different cost during a required period of time. The demand relationship is between the prices of a good and the quantities that would be purchased at those prices.
To know more about Demand
What is demand curve, demand schedule, and demand function?
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