One of the major demanded in economics is the quantity demanded , which is basically a demand over a big amount of goods and service in a particular time , this demand has a rule , when the price increases the demand for the good or service decreases but when the price decreases the demand for the good or service increases , this is one of the law of demand
Activity
Choose an item in your country
What are the factors that change affect the demand of the product
Which factor is the most important and why ?
My country product would be pen , one of the factors that affect the demand of the product is its cheapness of the product , we get it for 5 to 10 rupees in India , the demand for the item raises due to its cheapness , as kids have to write a lot in CBSE , State board and more , they need more pens , kids easily buy 5 to 10 pens for 5 to 10 rupees. It's mostly important in India due to the educational boards , CBSE is one of the most attended boards in India , CBSE board makes the children write a lot which finishes the ink of the pens thus children buy more pen for cheap and for a better quantity , yearly 1600 million to 2400 millions pens are produced yearly
Function of demand in the market" refers to the relationship between the quantity of a good or service that consumers are willing to purchase and the price of that good or service in the market. In economics, the demand function represents the various quantities of a product that consumers are willing and able to buy at different prices, holding all other factors constant.
The demand function is typically represented graphically as a downward-sloping curve, indicating that as the price of a product decreases, the quantity demanded by consumers increases, and vice versa. This relationship is fundamental to understanding consumer behavior and market dynamics.
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"Types of demand" refers to the different categories or classifications of demand for goods or services in economics. This concept involves understanding the various factors and conditions that influence consumer demand, such as price, income, preferences, and expectations.
Price Demand: Also known as price elasticity of demand, this type of demand measures how sensitive the quantity demanded is to changes in price. If a small change in price leads to a significant change in quantity demanded, the demand is said to be elastic. If the change in quantity demanded is proportionally smaller than the change in price, the demand is inelastic.
Income Demand: This type of demand is influenced by changes in consumers' income levels. Normal goods experience an increase in demand as consumers' incomes rise, while inferior goods may see a decrease in demand.
Cross-Price Demand: This refers to the change in demand for one good due to a change in the price of another related good. For substitutes, an increase in the price of one good may lead to an increase in demand for the other. For complements, an increase in the price of one good may result in a decrease in demand for the other.
Veblen or Prestige Demand: In some cases, the demand for a good is driven by its higher price or prestige. Luxury goods and status symbols often fall into this category.
Joint Demand: This occurs when two or more goods are demanded together, as they are complementary to each other. For example, cars and gasoline have a joint demand relationship.
Composite Demand: This type of demand occurs when a good has multiple uses. The demand for a commodity like steel, for instance, comes from various industries such as construction, automotive, and manufacturing.
Derived Demand: This refers to the demand for a good or service that results from the demand for another related good or service. For example, the demand for lumber is derived from the demand for housing construction.
Speculative Demand: This type of demand arises when individuals or businesses expect the price of a good to change in the future, leading them to buy or hoard the item for potential profit.