Chapter 3 of 11
Revision Notes
Demand — Revision Notes
Gujarat Board · Class 11 · Economics
Demand revision notes for Gujarat Board Class 11 Economics: 4 topics in quick points. Part of the Gujarat Board Class 11 Economics syllabus.
44 questions25 flashcards5 concepts
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Key Topics to Revise
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1. Meaning and Definition of Demand
- Demand is the quantity of a commodity which a buyer desires, is able and willing to buy at a given price at a given point of time
- Five essential factors define demand: desire, willingness to buy, ability to buy, particular price, and particular point of time
- Demand is different from want - want becomes demand only when backed by purchasing power and willingness to pay
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2. Factors Affecting Demand (Determinants of Demand)
- Price of the commodity - most important determinant with inverse relationship
- Tastes and preferences - changes with age, fashion, culture (e.g., preference for organic food)
- Income of consumer - direct relationship for normal goods, inverse for inferior goods
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3. Law of Demand
- States inverse relationship between price and quantity demanded, keeping other factors constant
- Presented by Prof. Alfred Marshall
- Statement: 'When other factors remain unchanged, if price falls, demand expands; if price rises, demand contracts'
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4. Exceptions to Law of Demand
- Prestigious goods (Veblen goods) - higher price increases demand as status symbol
- Extremely low-priced goods - price changes don't affect demand significantly
- Giffen goods - inferior goods where demand falls when price falls
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Full NotesKey Concepts
Demand is the quantity ofFactors affecting demand includeStates that when other factors remainIncome EffectInclude
Frequently Asked Questions
What are the important topics in Demand for Gujarat Board Class 11 Economics?
Key topics in Demand include Meaning and Definition of Demand, Factors Affecting Demand (Determinants of Demand), Law of Demand, Exceptions to Law of Demand. Study these first, then practise questions on each for Class 11 exams.
How should I revise Demand for Class 11 exams?
Learn the core ideas first, then work through the 44 practice questions on Demand. Revise definitions regularly and use flashcards for quick recall before the exam.
Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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