This is Bait and Switch Attack Demo

The demand in economics means the desire to purchase the commodity-backed by willingness and the ability to pay for it.

Demand= Desire + Willingness to buy + Ability to pay.

The demand for a commodity depends on various factors which determines the quantity of a commodity demanded by various individuals or a group of individuals.

There are many factors affecting demand for a commodity, some of them are mentioned below –

The important determinants of demand for a commodity are explained below:

Factors affecting demand for a commodity:

1. Price of a commodity (Px):

The price of a commodity is a very important determinant of demand for any commodity. Other things remaining same,

if the price of the commodity increases, then the demand will be low

and,

if the price for the commodity decreases, then the demand will be high.

So, the quantity demanded and price shows an inverse relationship in the case of normal goods.

2. Income (Y):

Consumer Income is another important determinant of demand for a commodity.

Change in consumer’s income influences demands for commodities. The demand for normal goods increases with the increasing level of income and vice versa. it shows a direct relationship between income and quantity demanded.

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