0Demand indicates the willingness of a person to buy a product at a particular price during given time period.
There are three things which is mandatory for a demand of a product :
1. Willingness to purchase.
2. Specific Price and
3. Time Factor.
Law of Demand:
"Higher the price lower the demand & vice-versa." The law of demand explains the inverse relationship between the price. In other words, when the price of a commodity increases, its demand falls and when price falls,its demand increases provided factors other than price remains constant.
So, what are the other things which is supposed to be constant. It means the factors other than the price which influence the demand. They Include:
1. No change in consumer's income.
2. No change in price of related goods.
3. No change in consumer's taste,nature and fashion.
4. No expectation of change in the future price of the commodity.
5. No change in population.
6. No change in the total assets.
