Demand and its types
Demand In economics, the term "Demand" is different from desire, want, and wish. For demand three conditions are necessary: 1 Desire to purchase 2 Ability to pay 3 Willingness to pay Demand refers to a total or given quantity of a particular good or service that consumers are willing and able to purchase during a specified period at a particular price. Characteristics of Demand Demand is always at a price. It is related to time. It should always be expressed in terms of a specific quantity. A consumer must have the necessary purchasing-power to fulfill his desire for the commodity. Consumers must always be ready to exchange their money for the commodity. Demand basically depends on the utility of a product. There is a direct relation between them. If a consumer gets higher utility from a good, then demand will be higher or vice-versa. Demand Function The demand function is a comprehensive expression that specifies the factors that influence the demand for a product. D x =f (P...