The amount of a good or service that consumers are willing and able to purchase at a specific time is the demand .
The concept of Demand and Supply is very important in economics. A person who has a clear understanding of demand and supply analysis can understand principles of economics in a better way.
What is demand ?
" The demand for any commodity the relationship between the price and the quantity that will be purchased at that time ".
Demand of coal does not mean the amount of coal which people need or would like to have but the effective demand, the amount which people are willing to buy at some specified price.
The demand for the goods is a schedule of the amount that buyers would be willing to purchase at all possible prices at one instant time.
Lets learn about Law of Demand :
The law of demand establishes relationship between the quantity demanded and the price of a commodity . According to the law other things remaining same the quantity demanded of a commodity increases with a fall in its price and the quantity demanded decreases with a rise in its price.
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