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1. ECONOMICS
ART INTEGRATED ACTIVITY
GUIDED BY – MRS. PRITI SHARMA
MADE BY – YATHARTH,RAJVEER,ROSHAN,ABHIJEET,AADITYA,HARSH

2. CONCEPT OF DEMAND
 Demand is a principle of economics
that captures the consumer's desire
to buy the product or service. The
demand is calculated as the price the
consumers are willing to pay for the
product or service.

3. DEMAND AND QUANTITY
DEMANDED
Demand is the quantity of a good or service
that consumers are willing and able to buy at
given prices during a period of time. Quantity
demanded is the amount of a good or service
people will buy at a particular price at a
particular time.

4. In economics, a demand schedule is a table that shows the
quantity demanded of a good or service at different price levels.
A demand schedule can be graphed as a continuous demand
curve on a chart where the Y-axis represents price and the X-
axis represents quantity.
DEMAND SCHEDULE

5. Individual demand schedule is a tabular representation of
quantity of goods demanded by an individual consumer at
different prices during a given period of time. Market
demand schedule is a tabular representation of total
quantity of goods demanded by all consumers at different
prices during a given period of time.
INDIVIDUAL DEMAND AND
MARKET DEMAND SCHEDULE

6. Individual demand schedule is a tabular representation of
quantity of goods demanded by an individual consumer
at different prices during a given period of time. Market
demand schedule is a tabular representation of total
quantity of goods demanded by all consumers at different
prices during a given period of time.
INDIVIDUAL DEMAND AND MARKET
DEMAND SCHEDULE

7. DEMAND CURVE AND ITS SLOPE
Demand curve is a graphical representation of the relationship
between the price of a certain commodity and the quantity demanded.
Like demand schedule, demand curve include
(1) Individual Demand Curve (2) market demand curve
Individual demand curve is a curve showing different quantities of a
commodity that one particular buyer is ready to buy at different
possible prices of the commodity at a point of time.
Market demand curve is the horizontal summation of the individual
demand curves .it shows various quantities of a commodity that all
the buyers in the market are ready to buy at different possible price.

8. DEMAND
FUNCTION
 Demand function shows the relationship between quantity demanded for a particular
commodity and the factors influencing it.
It can be either with respect to one consumer (individual demand function) or to all the
consumers in the market (market demand function).
Individual demand function refers to the functional relationship between individual
demand and the factor affecting individual demand.
Individual demand function refers to the functional relationship between individual
demand and the factor affecting individual demanded = f (Px, Pr, Y, T, F) Where,Dx =
Demand for Commodity x; Px = Price of the given Commodity x;Pr = Prices of Related
Goods; Y = Income of the Consumer;T = Tastes and Preferences; F = Expectation of
Change in Price in future.

9. MARKET DEMAND FUNCTION
 Market demand function refers to the functional relationship
between market demand and the factors affecting market
demand.Dx = f(Px, Pr, Y, T, F, PD, S, D) Where,Dx = Market
demand of commodity x; Px = Price of given commodity x; Pr =
Prices of Related Goods; Y = Income of the consumers;T =
Tastes and Preferences; F = Expectation of Change in Price in
future;P0 = Size and Composition of population; S = Season and
Weather; D = Distribution of Income.

10. LAW OF DEMAND
Law of demand states that with all other
factors being constant or equal, the price and
quantity demanded of any product or service
will be inversely related to each other. In other
words, with increasing price the quantity
demanded will decrease and vice versa.

11. CHANGE IN QUANTITY DEMANDED AND
CHANGE IN DEMAND

12. RELATIONSHIP BETWEEN INCOME
AND DEMAND
The income effect identifies the change in
consumers' demand for goods and services
based on their incomes. In general, as one's
income rises, they will begin to demand more
goods. Similarly, A decrease in income results
in lower demand.

13. NORMAL GOODS
Normal Goods, these are goods for which the
demand increases with the increase in the
income of the consumers and vice versa.
Therefore, there is always a positive
relationship between demand and income in
case of normal goods.

14. INFERIOR GOODS
Inferior Goods these are goods for which the
demand decreases with the increase in the
income of the consumers and vice versa.
Therefore, there is always an inverse
relationship between demand and income in
case of inferior goods.

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