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The quantity of a commodity which the individual is willing to buy at a particular price during a specific time period, given his money income, his taste and prices of other commodities (particularly substitutes and compliments) is called Individual demands of a commodity
The total quantity which all consumers of a community are willing to buy for a given price per unit given their money income, their taste and prices of other commodities (particularly substitutes and compliments) is called Market demands of a commodity
Demand for firms product
The quantity of a firms product that can be disposed of at a given price over a time period connotes the demand for then firms product
Demand for industry’s Product
The aggregate of a demand for the product of all the firms of an industry is known as the market demand or demand for industry's product
An autonomous or direct demand for a commodity is one that arises on its own out of a natural desire to consume or possesses a commodity
The demand for a commodity that arises because of the demand for some other commodity, called ‘parent product’, is called derived demand. For instance, demand for land , fertilizers, etc, is a derived demand because these goods are demanded because food is demanded.
Demand for durable goods
Durable goods are those whose total utility or usefulness is not exhausted in a single or short-term use. Such goods can be used repeatedly or continuously over a period of time. Demand for durable goods is also influenced by their expected price, income and change in technology. The demand for durable goods changes over a relatively longer period.
Short term Demand
Short term demand refers to the demand of goods demanded over a short period. In this category are found mostly the fashion consumer goods, goods of seasonal use, inferior substitutes during scarcity of superior goods, etc. Short term demand depends, by and large, on the long term income trends, availability of better substitutes, current disposal income of the consumer, their ability to adjust their consumption pattern, and their susceptibility to advertisement of new product.
Long term Demand
Long term demand on the other hand refers to the demand which exists over a long period. The long term demand depends on the long term income trends, availability of better substitutes, sales promotion, etc.
Price of Product
Price of related goods – substitutes, complements and supplements
Level of consumers’ income
Consumers’ taste and preference
Advertisement of product
Consumer’s expectation of future price and supply position
Demonstration effect and ‘band wagon’ effect
Population of country (for goods of mass consumption)