Alternative Demand
Demand for a commodity is known as alternative demand when it can be satisfied by using different alternatives. For example, there are number of alternatives to satisfy the demand for clothes like jeans, shirts, trousers, suits, saree, pants, etc.
Types of Demand
In economics, demand is the quantity of a good or service that a consumer is willing and able to purchase at different price levels available during a given time period. Although demand is the desire of a consumer to purchase a commodity, it is not the same as desire. Desire is just a wish of a consumer to purchase a commodity even though he is unable to buy it. However, demand is a consumer’s desire to purchase a commodity, provided he is willing to spend and has sufficient purchasing power. Hence, we can say that the four essential elements of demand are Quantity of the commodity, Willingness of a consumer to purchase the commodity, Time period, and Price of the commodity at each quantity level.
Table of Content
- Types of Demand
- 1. Price Demand
- 2. Cross Demand
- 3. Income Demand
- 4. Joint Demand
- 5. Composite Demand
- 6. Derived Demand
- 7. Direct Demand
- 8. Competitive Demand
- 9. Alternative Demand
Contact Us