DEMAND AND LAW OF DEMAND

Demand is defined as the quantities of a product which a consumer is not only desiring to purchase and able to purchase at given price an at the given point of time.

There are five essential elements of the demand for a good:

1. Desire to perchase a good
2. Money to satisfy that desire
3. Willigness to spend money
4. Relationship between the quantity demanded of goods and their prices
5. Relationship between the quantity demanded and the period of time

Definitions of demand

1. In the words of Miller,"Demand is the willigness and ability of consumers to purchase commodity at a given price over a particular period of time"
2. According to Vera Anstey, "The demand for a particular good is the amount that will be purchased at a given price at a given time" etc.

There are many economic,social,political factors which greatly influence the demand for commodities.This factors are classified on the basis of: 1)individual demand,2)market demand.