Demand

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Demand for a good is the quantity of the good purchased at a given price at a given time. It includes three parts: price, quantity, and time period. For example, buying 1 kg of rice at Rs. 25 per kg l…

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The three essential components of demand are price of the commodity, quantity of the commodity bought, and time period. The time period may be a week, month, or year.

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It is not an example of demand because the price of a pair of shoes is not given. Demand needs price, quantity, and time period together.

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It is not an example of demand because the time period is missing. Demand must mention the price, quantity, and time period.

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It is not an example of demand because the quantity of milk consumed is not given. Demand needs price, quantity, and time period.

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Desire is only wanting a good. Demand is desire backed by ability to purchase and actual payment of price. If a person wants a good but cannot pay for it, it remains desire and does not become demand.

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If price of a commodity falls, its quantity demanded increases, and if price of the commodity rises, its quantity demanded falls, other things remaining constant.

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It means that factors other than price do not change. These include price of related goods, income of the buyer, and tastes and preferences. This condition is also called ceteris paribus.