standerd 11 what is the meaning of demand
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Answer: Definition of demand. Demand may be defined as the quantity of a commodity that a consumer is able and willing to buy, at each possible price, over a given period of time. Essential elements of demand are Quantity, Ability & Willingness, Prices and period of time.
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Explanation:
Demand has three components
- desire
- ability to pay
- willingness to pay.
Whenever any individual satisfies these three then his /her requirement is called as demand.
Demand is defined as the consumers desire to purchase a good or service which is backed up by ability to pay for it along with willingness to pay for it.
If any of these three component is missing then it would not be termed as demand.
I feel this will help you.
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