DEM

AND
• The concept of demand is highly abstract in
economics. In contrast to 'desire'
and w ' ant'
 • The law of
CONC demand concerns
EPT consumer's
OF changing desire to
purchase goods and
DEMAND
service at given
price.
 1. Price of
the commodity
2.Price of related
DETERM goods

INANTS 3.Income of
OF consumers

DEMAN 4.Consumer
Expectations
D
5.Taste and
preferences of
consumers
Demand
c urve
• . The demand
schedule can be
seen as a curve, or
'DEftAND CURVE' The
data is derived from
a demand schedule.
 elasticity of
demand
PED= Percentage change
in demand
Percentage change in
price of the
commodity
.
.

•.