A Demand Analysis — Economics STD 12 Commerce / Arts — Question

1. Individual demand refers to total quantities of a commodity demanded by an individual or household at a given price during a period of time.
2. It is basically micro or narrow concept and not very useful in framing business, production and price policies.
3. Individual demand depend on the price of goods, disposable income credit facilities, taste, preference, etc.
4. It can be presented with the help of individual demand schedule and individual demand curve.

Market Demand :

1. Market demand refers to the total quantities of a commodity demanded by all the individuals in the market at a given price, during a given period of time.
2. It is a macro or broader concept and is very useful in framing, business, production and price policies. Even the law of demand is based on market demand.
3. Market demand depends on size of population, social customs, distribution of income, etc.
4. It can be presented with the help of market demand schedule and market demand curve.