Economics

DEMAND AND DETERMINANTS OF DEMAND
Demand definition:
Demand is the ability to buy a quality good with willingness at a reasonable price in a particular period of time.
Determinants of demand:
1.)price of the commodity:
It means that the price of a particular product.ex:pen-Rs10.
2.)price related to commodities:
It means that the price according to the category of product.ex:pen-Rs10,book-Rs20.
I.)complementary goods:
Price of one good increases demand of other good decreases.ex:vehicle and petrol.
ii.)substituting goods:
Price of one good decreases demand of other good decreases ex:coffee and tea.