Monday, 9 July 2018

Demand and quantity demand meaning and difference

Demand and Quantity demand

In ordinary language Demand,desire or wish means one and same thing.But in science of economics demand is different from desire or wish.A desire of a an individual will become a demand only when he satisfies the three conditions:

1) desire to have commodity.
2) willingness to pay and
3)ability to pay.

DEMAND AND QUANTITY DEMAND:DIFFERENCE

Demand reffers to  various quantities of a commodity that a consumer is ready to buy at different possible prices of that commodity.Quantity demand on the other hand reffers to a specific quantity to be purchased againest a specific price of the commodity.



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