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PRINCIPLES OF DEMAND AND SUPPLY
CONTENT- Meaning of Demand and Law of Demand
- The Demand Schedule and Demand Curve
- Factors Affecting the Demand for Agricultural Produce
- Movement along the Demand Curve
- Shift in Demand Curve
- Elasticity of Demand
- Meaning of Supply and Law of Supply
- The Supply Schedule and Supply Curve
- Factors Affecting the Supply of Agricultural Produce
- Elasticity of Supply
- Price Determination
Meaning of Demand
Demand can be defined as the quantity of a commodity that an individual is willing and able to buy at a specific price within a given period of time. Demand is more than the desire to have something. It must be backed with the ability to pay the price.The Law of Demand
This law states that there is inverse relationship between the price and the quantity of produce demanded. It therefore means that the higher the price the lower the quantity demanded.The Demand Schedule
Makes the law of demand explicit. It shows the relationship between the price and the quantity of the commodity demanded. Demand schedule shows the amount of a commodity that a person will buy at various prices in a given period.You are viewing an excerpt of this lesson. Subscribing to the subject will give you access to the following:
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ClassHall Instructor
Halima Ahmadu
Frank Nima
Wilfred Bassey
Isaac Ansah
Favour nwankwo
Maryam
Zainab