Question

What do you understand by 'Demand' ?

Hint:

Think of demand as a combination of three things: Desire, Ability to pay, and Willingness to pay. All three must be present for demand to exist in an economic sense.

Answer 1

In economics, demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a specific period. It is not just the desire for a product but must be backed by the purchasing power and willingness to pay.