DEMAND

• Demand is defined
as the quantity of a
commodity that a
person is willing to
buy at a given
price over a
specified period of
time.

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• Demand for a commodity implies
 Desire of the consumer to buy the product
 His willingness to buy the product
 Sufficient purchasing power in his
possession to buy the product.

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• Individual Demand
– Good demanded by an individual.
– Eg : Footwear, Pen, Ice-cream, etc.
• Household Demand
– Good demanded by a household.
– Eg : Fridge, Washing machine.
• Market Demand or Aggregate Demand
– Market demand is the sum of all individual
demands for a good.

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 Summary
• Meaning of demand
• Individual demand
• Household demand
• Market demand

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 Thanks…

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