8 factors affecting demand

Concept of demand: Before discussing the factors affecting demand, let us discuss the concept of demand.

Demand is the ability and willingness to buy a product at given price and a particular time. The word demand is different from the want and the word desire. Want means that a person has the money but he does not want to spend. Desire is just a wish; it means that a person does not have the money to buy a product.

Demand has following conditions:   

1.Time 2. Price that is why Demand is the ability and willingness to buy a product at given price and a particular time. Continue reading “8 factors affecting demand”