In this Unit we will cover: About DEMAND!
What is Demand?
The amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price.
Law of demand
states that the quantity demanded and the price of a commodity are inversely related, other things remaining constant.
Book Name here
Types of Demand
Individual and Market demand Short term and Long term demand Direct and Indirect demand Derived and autonomous demand Durable and Non-Durable demand Firm and Industry demand Total Market and Market segment demand
The Demand of a product is based from how will the consumers patronize the product!
Hope this will help you !
Video created by: Michael Louise R. Vito