What does demand mean in business?
Answer and explanation
Correct answer: Customers’ willingness and ability to buy a product or service
In basic economics, demand is not merely a desire for a product. It involves willingness to buy together with the ability and purchasing power to buy it at a given price and time. A shop’s size, an employee’s leave, and the business name do not describe the customers’ purchasing demand.
Frequently asked questions
What is the correct answer to this question?
Customers’ willingness and ability to buy a product or service
Why is this the correct answer?
In basic economics, demand is not merely a desire for a product. It involves willingness to buy together with the ability and purchasing power to buy it at a given price and time. A shop’s size, an employee’s leave, and the business name do not describe the customers’ purchasing demand.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
