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Economics Notes Class 12 Free Online classes : DEMAND AND ITS DETERMINANTS

Economics Notes Class 12 Free Online classes : DEMAND AND ITS DETERMINANTS


Economics notes related to the Demand and its determinants  have been discussed briefly which will help you to understand the factors which determine the demand for the commodity
DEMAND of a commodity refers to the quantity of a commodity which a consumer is willing to buy at a given price and at a given point of time.
DETERMINANTS OF DEMAND
The various factors which determine the demand for a commodity are described as follows:
  • PRICE OF THE COMMODITY
The demand for a commodity is inversely related to its price. This means when the price of the commodity increases, its quantity demanded decreases and vice versa. This happens due to the change in the purchasing power or the real income of the consumer. When the price of the consumer increases, the purchasing power of the consumer decreases due to which he is able to buy a lesser quantity of the same commodity with his given income thus resulting in a drop in the quantity demanded.
  • PRICE OF RELATED GOODS
PRICE OF SUBSTITUTE GOODS
Substitute goods are the goods which can be used in place of each other to satisfy a want. For instance, tea and coffee are substitute goods. The quantity demanded of a commodity is directly related to the price of the substitute good. When the price of coffee which is a substitute of tea increases, the demand of tea will increase since now the consumers who were previously consuming coffee will start consuming tea, thus, leading to an increase in its demand.
The detailed explanation of the “Demand and its determinants” , “Economic Notes” with examples is available for CBSE class 12 in  Economics Online classes.
In  school online classes, all other topics and subjects of Class 12 and other classes  are explained by experts and experienced faculties.
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