Demand: Meaning and Determinants by Dr. Pooja Singh
Explore the concept of demand, its types, and determinants explained by Dr. Pooja Singh, Assistant Professor of Economics at Chhatrapati Shahu Ji Maharaj University, Kanpur. Learn about individual, market, firm's demand, and more factors influencing demand in economics.
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Demand- Meaning and Determinants Dr. Pooja Singh Assistant Professor, Department of Economics, School of Arts Humanities And Social Sciences, Chhatrapati Shahu Ji Maharaj University, Kanpur
Demand- Meaning and Determinants Demand- Meaning Desire to buy Ability to buy Willingness to buy Demand Dr. Pooja Singh, Assistant Professor, Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Demand- Meaning and Determinants Demand is the mother of production Demand may be defined as the quantity of goods or services desired by an individual, backed by the ability and willingness to pay . Dr. Pooja Singh, Assistant Professor, Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Demand- Meaning and Determinants Types of Demand 1. Individual- The quantity of a commodity which an individual is willing to buy at a particular price during a specific time period, given his money income, his taste and price of other commodities is called individual s demand for commodity. 2. Market Demand- The quantity which all the consumers of a commodity are willing to buy at a given price per time unit, given their money income, his taste and price of other commodities is called individual s demand for commodity. 3. Firm s Demand- The quantity of a firm s product that can be disposed of at a given price over a time period. 4. Industries Demand- The aggregate of demand for the product of all the firms of an industry. 5. Autonomous Demand- Arises on its own due to natural desire to consume or possesses a commodity 6. Derived Demand- Arises because of the demand for some other commodity. Dr. Pooja Singh, Assistant Professor, Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Demand- Meaning and Determinants 7. Demand for Durable goods : Goods that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use. 8. Non- Demand for Durable goods: Goods that are immediately consumed in one use or ones that have a lifespan of less than three years. 7. Short term Demand- Demand for goods that are demanded over a short period 8. Long term Demand- Demand which exists over a long period. 9. Price Demand- The amount of a commodity which a person is willing to purchase at a particular price. 10. Income Demand- The amount of a commodity which a person would purchase at a given level of income. 11. Cross Demand- When demand of a commodity depends not on its own price but also on the price of other commodity. Dr. Pooja Singh, Assistant Professor, Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Demand- Meaning and Determinants Key Points In oligopolistic market structure, a distinction between the demand for a firms' product and for the industry s product is useful from the managerial point of view Autonomous demand is also known as direct demand Demand for complementary or supplementary goods is derived demand. Durable goods create replacement demand whereas non durable goods do not Demand of superior goods is directly related to income but in case of inferior goods this relationship is inverse. Dr. Pooja Singh, Assistant Professor, Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Demand- Meaning and Determinants Determinants of Demand Climatic Conditions Price of product Government Policies Price of related goods Demographic Conditions Determinants Consumer s Income Wealth of a consumer Taste & Preferences of consumer Dr. Pooja Singh, Assistant Professor, Department of Economics, School of Arts Humanities And Social Sciences, Chhatrapati Shahu Ji Maharaj University, Kanpur
Demand- Meaning and Determinants References Dwivedi D N, Managerial Economics, Vikas Publishing House Pvt. Ltd, 2006 Dr. Pooja Singh, Assistant Professor, Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
