Published On Dec 20, 2020
The demand for the commodity can be described as its quantity at which the consumer is willing and able to purchase or consume a given commodity during a given period of time.
So, the commodity can be said as demanded when
A consumer possesses the willingness to buy it
Possesses the ability to purchase or consume it
And it is related to a given period of time.
For example:
Suppose Saurabh wants to purchase a motorbike for himself but he does not have sufficient money to buy it. It cannot be treated as demand. When he can afford the purchase of that motorbike in a given time, it can be called as demand for the motorbike by Saurabh.
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