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Title: The concept of demand
Description: Explanation of everything needed to know about demand.
Description: Explanation of everything needed to know about demand.
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THE CONCEPT OF DEMAND
Demand is known as one of the basic terms used in Economics
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Hence, Demand is defined as the total quantity of goods or services that
consumers are willing and able to buy at a given price and at a particular
time
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This is because in an economic market, Demand for a
commodity or service cannot be complete unless the consumer backs up its
with the willingness and ability to pay the cost
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These conditions make up an EFFECTIVE DEMAND
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Therefore, the normal laws of demand were discovered due to consumer behaviour
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2) The lower the price, the higher the quantity demanded
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And when the cost of a commodity or service is low, consumer will buy more
thereby leading to a high level of quantify demanded
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Title: The concept of demand
Description: Explanation of everything needed to know about demand.
Description: Explanation of everything needed to know about demand.