HIMACHAL PRADESH NATIONAL LAW UNIVERSITY , SHIMLA

NAME ; VAIBHAV BHARDWAJ

SUBJECT ; ECONOMICS
TOPIC ; DEMAND FOR PRODUCT INDIVIDUAL DEMAND , MARKET
DEMAND DETERMINANTS . SHIFT IN DEMAND CURVE
( ASSIGNMENT )
 ENROLLMENT NUMBER : 1020212256
SUBMITTED TO : Dr HARI CHAND THAKUR SIR
 TABLE OF CONTENT

SERIAL NUMBER CONTENET PAGE NUMBER

1 ACKNOWLEDGEMENT 4
2 EXECUTAROY 5
SUMMARY
3 INDIVIDUAL DEMAND 6
4 MARKET DEMAND 7
5 DIFFERENCE 8–9
6 DETERMINANTS OF 10 – 11
DEMAND
7 CASE STUDY 12
8 PLAGRAISM REPORT 13
9 BIBLOGRAPHY 14
 ACKNOWLEDGEMENT

Every project either lengthy or short it may be however important and is successful only by the
contribution of large number of people and their efforts in anyway or the other eithet by getting
relevant information or by giving important and useful suggestion or data about the project . I
would like to thank all those people for spending and giving their precious and valuable time in
successful completion of the project .

I Vaibhav Bhardwaj a student of Himachal Pradesh National Law University Shimla would also
like to thank the university for showing confidence as well as faith in me and entrusting my
abilities . I would also be really thankful to Hari Chand Thakur Sir ( Assistant Professor of
Himachal Pradesh National Law University . Shimla ) who mentored me and encouraged me
through out the entire project . At last I would like to thank all those people who helped me in
making the project successful .
 INTRODUCTION

What is Demand ?? Demand is the will and ability as well as capacity of an individual to buy a
particular good or a commodity . Demand and supply are complementary to each other . If
demand is more than supply will be more . If demand is less than supply will be less . Both of
them depends on the income of an individual . Demand can be of different types :

 Direct Demand
 Indirect Demand
 Joint Demand
 Composite Demand
 Competitive Demand
Classification Of Demand

 Individual Demand
 Market Demand
LAW Of DEMAND

According to the principle of law of demand if the price will increase or decrease than the
consumer will purchase the goods accordingly it all depends on price and specific
commodity . Ceteris Paribus . The law of demand talks about the opposite relationship
between price and commodity .
 INDIVIDUAL DEMAND

Individual demand refers to the demand of any good or a specific commodity by a

particular individual . It basically talks about the demand of a commodity by the
household sector
Individual demand can be formed with the interaction of will of an individual to that of
the various goods and commodity .
Individual demand can be small scale demand .
Individual demand can be explained in a better way with the help of an example :
The quantity of sugar brought by an individual in a month to fulfil his own needs .
MOVEMENT ALONG THE DEMAND CURVE IN CASE OF
INDIVIDUAL DE MAND

The movement of demand curve varies according to the will , desire and ability of an
individual to purchase a good and the price of a commodity . If the price of a commodity
is less the individual will purchase more and more and the individual demand curve will
increase constantly . Due to the increase in individual demand .
If the price of a particular commodity is at a high peak . The demand for the commodity
is very less this will lead to the fall in the individual demand curve .
When there is an increase in the individual demand the demand curve will be upward
slopping . On the other hand if there is a decrease in the individual demand the demand
curve will be downward slopping . The demand curve in case of individual demand is
almost steeper in nature ( perpendicular in nature ) because of the gradual rise and fall in
the nature .
 MARKET DEMAND

The demand of a particular product and who wants to purchase The available product in
the market is called market demand .
Market demand can be determined by the interest and willingness of a consumer to spent
a specific amount of price on a particular good or a commodity .
MOVEMENT ALONG THE DEMAND CURVE IN CASE OF MARKET

DEMAND
The market demand curve is the total of individual demand curve in the market . Market
demand curve depends and varies according to the will and need as well as interest of an
individual in regarding a particular product in the market . If the demand of a particular
commodity is more in the market than the demand curve will move upward and shift
from left to right . This will also lead to better development of market as flow of money
will increase in the market . On the other hand there will be downward slopping in the
market demand curve if the demand of a product is less in the market . The curve will
move from right to left . There will be less flow of money in the market . The demand
curve in case of market demand is flat in nature as it follows the law according to price
and willingness of individual .

 
 DIFFERENCE BETWEEN INDIVIDUAL DEMAND AND MARKET
DEMAND
SERIAL NUMBER INDIVIDUAL
DEMAND
1 Individual demand describes
the will and ability of an
individual to buy a particular
hood or a commodity .
2 Example : when one
individual is willing to
purchase sugar for a specific
point of time . If the price of
sugar increases the demand
will decrease if the price
decreases the demand will
increase .
3 It is a small scale demand as
it follows will of less number
of individual .
4 This type of demand does not
follow the rules of an
individual .
MARKET DEMAND
Market demand states that all
the individual of a particular
market are required to
purchase a specific good in
the form of quality as well as
quantity .
Example : In case of market
demand the individual
purchases any commodity in
a specific quantity like if a
person purchases 5 KG of
rice . The individual
purchases any commodity in
a specific ratio .
It is a wider as well as large
concept as it follows the will
of large number of individual
according to their willingness
, interest and money they
have .
Market Demand can only
function properly if it follows
the rules and function
according to the interest of

5 The demand curve in case of
an individual demand is
almost steeper in nature
which means it rise and falls
gradually type of
perpendicular in nature .
ann individual .
Market demand curves are
always flat in nature this is
because they follow the rules
according to an individual
that will effect the demand .

These are some of the main point of difference between individual demand as well as
market demand
Individual demand can be described as a part of the market demand because market
demand can only function properly with the presence of large number of individual in the
market . Market demand can also lead to flow of money with the interest of an individual
and his or her willingness to purchase it .
Individual demand is the demand in which an individual tries to fulfil his or her own
needs only . Basically in this type of demand an individual works for self consumption .
On the other hand market demand tries to fulfil the needs of an individual on the large
scale basis . The main aim of market demand is to regulate the flow of money for the
better development of an economy .
Individual demand is the narrow concept .
On the other hand market demand is the wider concept .
 DETERRRRRRMINANTS OF DEMAND

These are some of the factors which leads to fluctuation in an economy on the basis of
price products quality or services .
Some of the major factors which leads to the determinants of demand are as under :
 Preference of Consumer :
This is one of the most important factor as choice of consumer plays a major role in
today’s time in case of a particular product or a commodity . Occupation , Income and
behaviour of a consumer after seeing the particular product are some of the major factors
that leads to the determination of demand for a particular product .
 Price of a Product :
This is one of the most important factor to show the demand of a specific product as the
consumer while purchasing any product mainly focuses on it’s price first . If the price of
a specific commodity is high than the consumer may not be interested in buying that
commodity . If the price of a commodity is low than the demand of a commodity will be
automatically higher in nature .
 Consumer Income :
This is also the most important factor like that of product’s price as an income of a
consumer plays a major role in deciding the value of a product . If the consumer income
is less the demand will be less if the income of a consumer is more the demand of a
particular product will be more .
 Consumer Expectation :
High income expectation increases quantity demand and low income expectation
decreases quantity demanded . This factor is liitle bit related to factors of consumer
income and price of product .
 The Number of Buyers :
The number of buyers plays a vital role in determining the demand of a
particular product . If there are large number of buyers in the market the
quantity demanded for a product will be higher if the number of buyers will
be less in the market the quantity of product will be lower . This factor will
 also lead to either the better flow of money in the market or lower flow of
money in the market .
 Other Factors :
The other factors which determine the demand of a product are like
 Climate
 Government Policies to establish any product
 Demand for product and services
 Popularity of Product
 Interest of an individual
 Proper quantity of a product
 Formation of Product
Example :
Peter went to fuel his car after reaching the gas station he observes that the price of a
petrol is 5 $ ( 360 Rupees ) after seeing the price he came back home without filling his
car this example show if the price is more than demand is less . On the other hand if the
price of the petrol is low than the demand will be low .
 CASE STUDY

A Case study on demand for Vaccines across the world in difficult time of COVID
19 ( Novel CoronaVirus Pandemic )
In today’s most challenging time of pandemic . The fact which is observed is that the
demand of COVID 19 ( Corona Virus ) vaccine is widely spreading across the world . In
which India’s share also comes upto large extant between 25 to 50 % ( percent ) . Serum
Institute of India ( SII ) and Bharat Biotech are the two major companies in India which
are given contract to manufacture Corona Virus Vaccine and these companies are the
only one who are producing corona virus vaccines in the large number . These companies
are producing vaccines from past many decades . These vaccines are also given to large
number of Indian people . More than 100 crores Inddians have received vaccines up till
now . Frome last year since April and than September 2020 the demand for the vaccines
have grown up to a large extant the main reasons behind this is the waves of the corona
virus . Due to this reason many people also opposed government supplying vaccines
outside India and the exports of vaccines declined little bit from 80 % to 33 % in case of
Bangladesh ( The data is different for different countries here example of Bangladesh is
taken ) . Because of the increase in demand of vaccines the controversy begins over price
in some parts of the country and the world the price of the vaccines went higher . The
demand for these vaccines will remain elastic because people want more and more
number of vaccines . In thtime the vaccine manufacturing countries are enjoying a rapid
increase in income which forced these countries to use more and more vaccines even
tough the prices were going continuously high . There are sime main factors which lead
to the rise in price of the vaccines these are like demand and necessity of vaccines ,
income of individual in developed countries , need of the present generation and the
expected future price of the vaccine also effect the price rise of the vaccine . Later on In
India only there were free doses of vaccines given in government hospital which made
people to run towards these hospital . This case study clearly specify the demand and
market price of a necessart commodity and it’s supply .
 PLAGRAISM REPORT ( DECLARATION )

I Vaibhav Bhardwaj a student of Himachal Pradesh National Law University Shimla

( NLU Shimla ) here by declare that the work cited in this assignment is the creativity of
my own . I have used my own research methodology in successful completion of the
assignment , I here by declare that this work is neither published earlier by any
university or institute nor is copied from their website or any other sources .
 BIBLOGRAPHY

The following sources are used in this assignment :

 Micro Economics Book ( By Sandeep Garg )
 Micro Economics Book ( By KN Verma )
 WIKIPEDIA
 www.researchgate.net
 http://chetanmalikclasses.com
 www.investopedia.com/terms/d/demand.asap
 Introductory Micro Economics