What are the different types of demand?
Mohammed Julfekar Haider
This article describes about the different types of demand in the market of today. Read to know more about Individual, Market, Joint, Composite, Competitive, Derived, Variation, Changes, Giffen goods, Demand and Direct types of demands.
The term 'demand' is defined as the desire for a commodity which is backed by willingness to buy and ability to pay for it.
The different types of demands have been explained below as follows:
It is the quantity of a commodity demanded by an individual consumer at a particular price during a given period of time.
It is the total quantity of a commodity demanded by all the consumers in the market during a given period of time.
When two or more commodities are jointly needed to satisfy a single want, then the demand for such goods are said to be joint demand.
When a commodity is demanded for a number of uses, then the demand for that commodity is said to composite in nature.
When two goods are close substitutes of one another, then the demand for such goods is said to be competitive in nature.
When demand for a commodity gives rise to demand for another commodity, then it is said to be as a derived demand.
Variation in demand:
It refers to extension or contraction in demand which is exclusively due to change in the price of a product.
Changes in demand:
Change in demand refers to increase or decrease in demand which is due to change factors other than price of the commodity.
It refers to some inferior goods which are demanded in smaller quantities when their price falls.
Goods which yield direct satisfaction to a customer can be termed as the direct demand.
This were the different types of demand which I know.
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