Microeconomics | Demand | Chapter 3 | Part 1

Introduction to the 100 days commerce pro series covering the syllabus of accounts, business studies, and economics. Starting a new chapter on demand.

Definition of demand in terms of consumer willingness and ability to buy a commodity. Differentiation between individual demand and market demand. Explaining the factors affecting individual demand like price, related goods, and income.

Factors impacting demand such as the price of the given commodity, price of related goods (substitute and complementary), income, taste and preferences, fashion, expectations, and other external factors like season and distribution of income.

Exploring the concept of market demand compared to individual demand. Discussing the impact of factors like population size, season, income distribution on market demand. Introduction to the demand function and demand schedule.

Explanation of the demand function showcasing the relationship between demand and various factors like price, income, and preferences. Understanding the demand schedule as a tabular representation of the quantity demanded at different price levels.

Discussion on the graphical representation of demand through demand curves for both individual and market demand. Explanation of the slope of the demand curve and its significance in understanding demand changes.

Recap of topics covered including factors of demand, individual demand, demand schedule, and demand curve. Encouragement to revise the material for better comprehension and completion of the syllabus within 100 days.