Economics consists of group of markets that includes buyers group as well as sellers group where there is need to sell or buy a particular product. The demand in the definition of economics is mainly defined as the willingness of the consumers as well as the ability that helps to consume a good. The price increase in the good will decrease total quantity that is demanded by most of the goods. The price decrease of the good helps in increasing the total demanded quantity of the goods. There is an inverse relation between the quantity of the product as well as the price of the product. This is commonly known as demand law. The demand law is denoted by downward sloping that is known as the demand curve.
In economics, the term demand is different from the quantity demanded. The demand is the relationship between the princes and total quantities demanded at that price. The quantity demanded is stated as the quantity on demand schedule. The demand refers to the curve as well as the quantity demanded that are specific at some particular curve. With the supply, the total amount of the good as well as services that is given by the supplier that has one unit of good or service that is provided to the customers. The rise in the price of the product always results in rise in increase of the quantity supplied for a good or a particular service taken from the supplier. If there is a fall in the price of the product, there will be a decrease in the quantity supplied.
Demand is a particular schedule that helps in showing different amounts of all consumers that wants to buy or are capable to buy at some specific price that includes some series of all the possible price that comes during the specific time period. Quantity demanded is the total amount of the service or the good that are stated by the individuals who wills to buy a particular product at particular price as well as that specific time. Demand is the only quantity that is demanded at all prices in particular time. A price change will result in change of the quantity that is demanded, not the demand. All the other factors that are included in demand except the price change will help to alter the demand. There are non-prime factors that includes the total number of buyers, the expectations, the total income as well as preference of product selection.
The main factor that is directly related to demand is the income of a particular person. The other things that are related with the change in demand includes the tastes as well as preferences of the products that are bought by the customers. There are other things as well that helps in changing the demand curve of a particular product or a service. The composition or the total size of the population, the related prices of the goods, as well as the expectation of the customer are also directly related with the demand curve of a product. The demand is likely to change if there is change in any one of the factors that are mentioned above. The above stated factor states that willingness of the people to buy the product or take that particulars service. This will result in change in demand and there will be new demand curve lies in the right for an increase and to the left for a decrease in the graphically stated demand curve.
Changing the tastes: The first factor that is included in the system in the changing nature of the human beings. There might be increase in demand of the products and decrease of the products any time and those affects the demand curve of that particular product. This demand curve is related with the taste change of the human beings.
Changing the population of that area: As because all over the world, the total population of the human beings are rising and in US, the total population has rose from 9.8 % in the year 1970 to 12.6 % in the year 2000. The change in demand of the good might occur when there are relatively more number of children in a country compared to others. The size of total population that affects the housing demand and many other goods. All the changes accounts to change in demand of the service and product and also changes the demand curve.
Changing the price of the goods: Total demand of the product are actually affected by the changes in the price of all the related goods known as substitutes or the compliments. Substitute is commonly known as the service or the good that are usually used in place of some other products. For example, electronic books are used in place of paper books and this would increase the demand of the electronic books instead of printed books. A lower in price of the substitute helps in decrease the demand of other products. Complements are good that are often used together. This can be explained as consumption of one good increase the consumption of other product. For example: breakfast of cereal as well as milk; notebooks as well as pens or the pencils.
Changing expectation about the prices in future: The price of the good directly affects the total quantity demand and this is true that customer’s expectation about the product or the service affects the demand of the product directly. This can be explained as example: if there is announcement of some natural disaster occurring, then people might rush to the store to buy all the safety items from the store. This might increase the rise in demand of the candles, daily amendments, as well as the other needs that are required for the customers. If people get to known that the price of coffee is going to increase, then the demand of coffee might increase as people will go to buy coffee to store up.
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