ICSE Class 10 Answered
Explain the term demand
Asked by mahuamitratiku | 23 Mar, 2019, 08:02: PM
Expert Answer
Demand is an economic term that refers to the amount of goods or services that consumers wishes to purchase at any given price level. The mere desire of a consumer for a good or service is not demand. Demand includes the purchasing power of the consumer to acquire a given product at a given period. In other words, it’s the amount of goods or services that consumers are willing and able to purchase at the given price .
Answered by Christina | 24 Mar, 2019, 10:10: AM