The introduction of Demand..

       Demand.
  Demand is the quantity of goods that buyers wish to purchase at each conceivable price. Thus demand is a particular quantity, such as a book, chocolate etc.
  Demand describes the behavior of  buyers at every price.
 According to J.S Mill, "Demand is an amount of a thing which a person is willing to buy at a given price."
  According to Benham,"The demand for any thing, at a given price, is the amount of which will be bought per unit of time at that price,".
    On the basis of above definitions, there should be five inherent elements in demand.

•   Desire for goods,
• Sufficient resources to buy the goods,
• Willingness to spend,
• Given price,
• Given time period.

Law of Demand
       "The Law of Demand states that, other things being equal, the amount demanded increases with a fall in price and diminishes with a rise in price,".
     
 Meaning of "Other things being Equal' or Assumption of the Law of Demand,

1.   Consumer's income should be remain constant.
2. Consumer's taste, nature,etc., should be remain constant.
3. Price of related goods remain constant.
4. consumers remain unknown with new substitutes.
5. There is no possibility of price changes in future.

 Factors Affecting Demand or Determinants of Demand 

•  Utility of the Goods.
• Income level.
• Distribution of Wealth.
• Price of the Goods.
• Price of the Related Goods, (Substitute, Complementary).
• Taste, Fashion etc,
• Expected Future Change in Price.

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