Demand

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Demand

Meaning:

Demand refers to the quantity of a product or service that consumers are willing and able to buy at a specific price and time. It indicates how much people want something

and how much they are prepared to pay for it.

Example:

For instance, if a new video game is priced at ₹3,000 and many gamers want to buy it, that shows high demand for that game.

How to understand demand:

Demand drives production, meaning companies create goods based on what people want. High demand can push prices up, while low demand can bring prices down.

Importance of Demand:

It guides business decisions, helping companies plan their inventory and marketing strategies. Strong demand can lead to economic growth, boosting job creation and overall activity.

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< Back

Demand

Meaning:

Example:

For instance, if a new video game is priced at ₹3,000 and many gamers want to buy it, that shows high demand for that game.

How to understand demand:

Demand drives production, meaning companies create goods based on what people want. High demand can push prices up, while low demand can bring prices down.

Importance of Demand:

It guides business decisions, helping companies plan their inventory and marketing strategies. Strong demand can lead to economic growth, boosting job creation and overall activity.