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Theory of consumer behaviour — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsTheory of consumer behaviour3 Marks
Question
Distinguish between individual’s demand and market demand. Name the factors affecting demand for a good by an individual.
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Answer

Individual's demand refers to the quantity of a good, single consumer is willing to buy at a price during a period of time while market demand refers to the quantity of a good, all the consumers taken together are willing to buy at a price during a period of time.
Factors :
  1. Own price of the good.
  2. Prices of related goods.
  3. Income of the consumer.
  4. Tastes of consumer.

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