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Demand — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsDemand2 Marks
Question
What is demand?
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Answer

  • Generally the desire of the consumer to buy a commodity is known as demand.
  • But there is huge difference between desire and demand in economics.
  • In economics, demand means the desire to buy a commodity = capacity and willingness to pay.
  • In short, demand depends on six things :
  • Desire
  • Capacity
  • Willingness to pay
  • specific time
  • Specific place
  • Specific price

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