Demand
Gujarat Board · Class 11 · Economics
Quick revision notes for Demand — Gujarat Board Class 11 Economics. Key concepts, formulas, and definitions for last-minute revision.
Key Topics to Revise
1. Meaning and Definition of Demand
- Demand is the quantity of a commodity which a buyer desires, is able and willing to buy at a given price at a given point of time
- Five essential factors define demand: desire, willingness to buy, ability to buy, particular price, and particular point of time
- Demand is different from want - want becomes demand only when backed by purchasing power and willingness to pay
2. Factors Affecting Demand (Determinants of Demand)
- Price of the commodity - most important determinant with inverse relationship
- Tastes and preferences - changes with age, fashion, culture (e.g., preference for organic food)
- Income of consumer - direct relationship for normal goods, inverse for inferior goods
3. Law of Demand
- States inverse relationship between price and quantity demanded, keeping other factors constant
- Presented by Prof. Alfred Marshall
- Statement: 'When other factors remain unchanged, if price falls, demand expands; if price rises, demand contracts'
4. Exceptions to Law of Demand
- Prestigious goods (Veblen goods) - higher price increases demand as status symbol
- Extremely low-priced goods - price changes don't affect demand significantly
- Giffen goods - inferior goods where demand falls when price falls
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