In general terms, demand is used in the sense of longing or desire. But in economics, demand is not just a desire or desire, but demand is a desire of a human being for the fulfillment of which the person who wishes has the purchasing power, i.e. rupee money (which is the cost of thing you want to purchase). Otherwise, the desire or desire to obtain an object cannot become a demand.
For example, any person who cannot afford to buy a car and wishes or aspires to buy a car, then this desire or aspiration cannot be fulfilled unless he has the money to pay for the cost of the car. So his wish will remain just a wish. Therefore, in economics, two conditions must exist for the demand for a commodity.
Leofinance is a platform for finance discussion. As a member of the Leofinance community and to understand the meaning of demand, it is important to keep the following points in mind.
The main types of demand are as follows.
The demand for some goods is derived from the demand for other goods. For example, if the demand for goods and services increases, the demand for factors of production (such as labor, capital, land, and managers) increases. Because these factors of production help in producing goods and services. It is evident from this that the demand for the factor of production is derived from the demand for goods and services.
When the consumption of one commodity depends on the availability of another commodity, it is called complementary demand. For example, the availability of balls for cricket bats is called supplementary demand. Similarly, inkpot for pen, pedal for car, etc. fall in the category of supplementary demand.
When goods have more than one use, their demand is called mixed demand. For example, electricity, coal, wood and gas are used for many purposes. Therefore, the demand for these goods will be called mixed.
The demand for some goods can be met by exchange. If thirsty, plain water or any drink can be used to quench the thirst.
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