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Definition Cause Determinants Demand Curve Law of demand Exceptions Home |
Demand is a word meaning a persons' desire and potency to purchase a commodity from the market. Here, we should differentiate demand from desire.. In the process, desire is an intermediate level. It may not end up in the final level, that is purchase. But Demand normally ends up in final stage, for then only, it is known thus. The point to be noted is that, desire is not the only cause of demand and the only intermediate level in the process of purhasing. There are other causes and steps also, which I will explain in the next chapter. Definition: "Demand may be defined as the quantity of the commodity that a person is willing to take from the market, at a given price, at a given period of time." Effective demand is nothing but, the desire when supported by purchasing power is called so. Explanation: From the above definition, we can understand that there are some primary natures as one may find in any forces. These natures can be pointed out as follows:
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You could also read my essay on work, which tells you what actually demand is. |