Demand Concepts

Front

Define demand

Back

Demand is the ability and willingness to buy a product at a given price.

Front

What is the law of demand?

Back

It states that price and quantity demanded have a direct relationship, keeping all other factors constant.

Front

Difference between market demand and individual demand

Back

Market demand is the total demand of a product in a market, while individual demand is the individual person's ability and willingness to buy a product at a given price.