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 resul
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