What is Demand_Law of demand:

What is Demand

picture of demand & supply

Desire: Desire is said to be a wishful thinking for a thing but no money to fulfill that.

Want: When we have desire of a thing and also have enough money to fulfill that

desire but lack of willing to spend that money, is called want.

Demand: When we have desire of a thing and enough money to fulfill that and also

have willing to spend money on the same, is called demand.

Demand: Demand is the quantities that buyers are willing and able to buy at

alternative prices during a given time period of time.

Quantity demanded: It is a specific amount of quantity that buyers are willing and

able to buy at one price.

Definition:

According to Ferguson. “Demand refers to the quantities of a commodity that the

consumers are able willing to buy at each possible price during a given period of

time, other things being equal.”

Constituent of demand:

1. Desire for a thing

2. Money to satisfy the desire

3. Willingness to spend the money

4. Relationship of price and quantity of commodity demanded

5. Relationship of time and quantity of commodity demanded

Law of demand:

It states that other things being equal, the demand for a good extends with a fall in

price and contracts with a rise in price.

According to Marshall, “The law of demand states that amount demanded increase

with a fall in price increases with a fall in price and diminishes when price.

Mathematically,