What is demand and its various types?
Definition of Demand... In common language, demand is same as desire. But in economics, demand means effective desire which is supported by ability to pay and willingness to pay for goods and services. For example: if a poor person wanted to have an iPhone, it’s just his/her desire because he/she doesn’t have ability to pay for iPhone. Similarly, if a rich person wanted to buy an iPhone , it may be a demand because he/she has ability to pay for iPhone. To have a complete definition of demand, the price per unit of a commodity and the period of time in which quantity is being demanded should be clearly stated. Therefore, demand means desire, ability to pay and willingness to pay for goods and services at certain price during a certain period of time. According to Benham, “The demand for anything at a given price is the amount of it, which will be bought per unit for time at that price”. Thus demand for a commodity is defined as a schedule which shows various amounts of that com...