What is the simple meaning of demand?
Answer and explanation
Correct answer: Customers want to buy a good or service
Demand refers to the desire and willingness of consumers to buy a good or service, generally supported by the ability to pay at a given price. A seller closing a shop, an item being unavailable, or zero expenses does not describe demand. In basic questions, the key idea is customers' willingness to purchase.
Frequently asked questions
What is the correct answer to this question?
Customers want to buy a good or service
Why is this the correct answer?
Demand refers to the desire and willingness of consumers to buy a good or service, generally supported by the ability to pay at a given price. A seller closing a shop, an item being unavailable, or zero expenses does not describe demand. In basic questions, the key idea is customers' willingness to purchase.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Business, Trade and Commerce.
