Top 4 Questions Of Demand From Economics.

1. How does desire differ from demand?

        Desire simply refers to the mere wish of a person to have a particular commodity. Demand refers to a desire backed by the ability and willingness to pay for a particular commodity. A person can desire anything at any point in time.

2. what is meant by demand for a commodity? 

        The demand for a commodity is its quantity which consumers are able and willing to buy at various prices during a given period of time.

3. What are the three essential elements of demand?

        a. price of the commodity.

        b. quantity of the commodity.

        c. period of time: the time period may be a day, a week, a year or any other period.

4. Distinguish between individual demand and market demand?

        Individual demand is influenced by an individual's age, sex, income, habits, expectations and the prices of competing goods in the marketplace. Market demand is influenced by the same factors, but on a broader scale – the taste, habits, and expectations of a community and so on.