ECO-Demand, page no 44

Demand is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them.

Effective demand :Effective demand refers to the willingness and ability of consumers to purchase goods at different prices.

Quantity demand :Quantity demanded is the total amount of goods and services that consumers need or want and are willing to pay for over a given time.

Law of demand: The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.

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