Question

in economics Distinguish between the concepts
notional demand and effective demand.
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Answer 1

Answer:

Effective demand excludes latent demand – where the willingness to purchase goods may be limited by the inability to afford it – or lack of knowledge. In Keynes's macroeconomic theory, effective demand is the point of equilibrium where aggregate demand = aggregate supply.

Demands is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease the quantity demanded, and vice versa.

Explanation:

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Answer 2

Answer:In economics, effective demand (ED) in a market is the demand for a product or service which occurs when purchasers are constrained in a different market. It contrasts with notional demand, which is the demand that occurs when purchasers are not constrained in any other market.

Explanation: