Showing posts with the label micro economicsShow all
Demand Analysis - Concept of Demand || ATP CLASSES ||
Demand Analysis - Concept of Demand
IntroductionDemand = Desire + Ability to Pay + Willingness to Pay
Ordinarily by demand we mean desire. But demand is different from desire. The willingness to have something can be called as desire. Those desires become demand which are backed by purchasing power, e:g.,ability to pay and willingness to pay for it. It means the following three conditions are necessary for demand:1. Desire2. Purchasing Power or ability to pay3. Willingness to …
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