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Concept of Demand Supply
What is demand?
The word demand is attached to the economic principle. When the consumer has the desire to purchase any goods and has the willingness to pay at the specific purchasing rates then that part of the consumer interest is known as the demand of a product. Now the market demand refers to the total quantity of goods that has a demand through all the consumers from different parts of the world. Aggregate demands mainly concern the summation of demands of all the goods and services throughout the world.
What is supply?
In economics, the word supply has a special significance. It is the core of any transaction. Supply is therefore the total quantity of goods that is available for consumption for the consumers. The supply provided by the producers of the product will certainly be going to rise in case the price rises.
Now depending on the price, its utility, and preferences each specific product will have its own supply as well as demand. Now it happens like that if the product has great demand, therefore the rate of purchasing is high, and this automatically triggers the high supply of the product by the producers. When there is a chance of increment of the supply of a good or product then there is a decrease in the price of the product, given the same level of demand in the market. In an ideal condition, when demand is equal to supply, equilibrium of the market prevails.
What are the factors that affect the demand and supply of a product?
In microeconomics, researchers study how the supply and demand makes influences to drive our economy. Supply and demand are always interrelated with the market pressures. Economists tries to find the inverse relationship among the quantity of the product with the rate of the product.
Price fluctuations: The price of the goods affect directly on the quantity of the products.
- The demand for a normal commodity has an inverse relation to the original price.
- When the price of the commodity in the market goes high, its quantity demanded falls relatively and vice versa.
Income and credit of the consumers:
- Income gives the purchasing power for the purchase of commodities.
- The demand for normal commodities is directly related to the income of the consumer.
- Demand will rise if the income of the consumer increases and vice versa.
Normal goods: These are the goods that is based on the nature and the demands of the products by the consumer. It changes with the change in income of the consumers.
Some of the defining natures of normal goods are
- Normal goods are those goods which has direct demand based on the consumer’s income.
- Keeping the other things constant, there is an increase in the demand process constantly for normal goods along with increase in the consumer’s income.
- When income increases rightward shifts to the quantity and vice versa.
Inferior goods
When the Goods that has demand in an inverse way with respect to the consumer’s income then it is known as the inferior goods.
Other things remaining constant, demand for inferior goods tends to decrease in response to the increase in the consumer’s income and vice versa. E.g. Double toned or skimmed milk.
Availability of alternative products in the market.
The availability of a substitute for a product affects the demand for any original product. When there is high availability of an alternative product then there is less demand for the product. Goods are often complementing each other which means the consumption of one good tends to affect the consumption of the other.
Demand for commodities is also influenced by the change in the price of related goods.
Two types of goods: Complementary goods and substitutes
Substitute goods: Market demand for the community fall in the price of the substitute commodities and vice versa. E.g., Tea, coffee
Complementary goods: Market demand will rise with a fall in the price of the complementary commodities and vice versa. E.g., car and petrol.
Taste and preferences of consumers i.e. Commercial advertising
Influenced by advertisements, change in fashion, climate, and new inventions, etc
Other things being equal demand for these goods increases for which the consumers' favourable tastes and preferences, vice versa
Expectations of consumers regarding the availability of goods
- Future expectations regarding the availability of goods affect consumer demand.
- A consumer might increase his present demand if he expects a shortage in goods in the future. Future expectations regarding the availability of goods affect consumer demand.
Distribution of Income:
Equitable distribution of income- market demand tends to rise as all the people in the society will be able to demand- demand for necessities is high.
Unequitable distribution- demand will fall as it will be made of a certain section of the society. Demand for high-end and inferior goods is high.
Size of population
Higher population size directs the greater market demand for goods and services and vice versa.
Composition of population
The composition of goods affects the demand for goods. Youth demands branded items whereas the old population will demand health facilities.
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