Home›Economics›Macroeconomics›What is Demand? Definition:Demand is an economic term that refers to the amount of products or services that consumers wish to purchase at any given price level. The mere desire of a consumer for a product is not demand. Demand includes the purchasing power...
What is demand? What is the law of demand? Learn the definition of demand in economics and the basic principle of demand. Updated: 11/21/2023 Table of Contents What is Demand? Exemptions of the Law of Demand Lesson Summary Frequently Asked Questions What do you mean by law of demand...
Synonyms ofdemand 1 a :an act ofdemandingor asking especially with authority ademandfor obedience b :something claimed as due or owed thedemandsof the workers' union 2 archaic:question 3 a economics:willingness and ability to purchase a commodity or service ...
Derived demand, in economics, is the demand for a good or service that results from the demand for a different, or related, good or service. It is a demand for some physical or intangible thing where amarketexists for both related goods and services in question. Derived demand can have a...
Explain what is meant by the term "Market Economy" in Economics. What is the definition of economic value? What is a comprehensive definition of economics? What is the significance of the price level in the context of economics? What is the meaning of derived demand in economics?
Suppliers must anticipate price changes and quickly react to changes indemandor price. However, some market factors are hard to predict. For instance, the yield of commodities cannot be accurately estimated, yet their yields strongly affect prices. ...
economics : willingness and ability to purchase a commodity or service the demand for quality day care b : the quantity of a commodity or service wanted at a specified price and time supply and demand 4 a : a seeking or state of being sought after in great demand as an enter...
Definition:The law of demand is a microeconomic concept that states that when the price of a product decreases, consumer demand for this particular product increases, provided that all other factors that affect consumer demand remain equal (ceteris paribus). ...
Perfectly inelastic demand, on the other hand, occurs when consumer demand is not affected at all regardless of whether the price is high, low, or somewhere in between. Inelasticity of demand in general is simply another way to quantify fundamental constructs of economics around people's every...
Demand Factor refers to condition that describes the consumer ability and willingness to purchase that particular product or service. In economics, it refers to the willingness and ability of productive activities usually, business firms to hire or emplo