08 Jun DEMAND: ONE OF THE PILLARS OF ECONOMICS
Demand and Quantity Demanded
There is a clear distinction between demand and quantity demanded; furthermore, they have their own significance in the economics arena. In economics, the term demand refers to the will associated with purchasing a product, which one can afford, meaning that the price must be contained within the fiscal reach of the consumer. Demand is also a combination of aspiration to possess something, capability to pay for it and the willingness to reimburse. An example is the ability of citizens to pay for education, as well as to buy basic-food staff. Quantity demanded (QD), on the other hand, refers to the entire number of commodities demanded at any one moment, for instance, people buying 3000 laptops when the price is $ 500 (Baumol and Blinder, 2008). QD depends on the worth of products, not considering market stability.
Substitutes and Complement Products
Substitutes are products that can replace each other and still gratify the desires that the intended product aimed at addressing (McKenzie and Dwight, 2006). A notable example is butter and margarine, wh…
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