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Research - Essay Example

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Microeconomics is a field of study in economics that deals with the study of individuals and firms and how they make their decisions regarding the allocations of the scarce resources. The study focuses on the behavior of the market where goods and services are sold and bought as…
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Download file to see previous pages... The demand of goods and services in the market can be defined as the total goods that people are willing and able to buy at a given price and at a given time (OConnor, Pg. 135). There could be goods and services in the market which the customers are not willing to buy or cannot afford. Such goods and services do not constitute demand. Quantity demanded on the other hand is the exact quantity of goods that are demanded at a given price. The price of the commodities influences demand (i.e.) will influence the quantity demanded. For instance, if the price of goods increases, some people might not be able to afford the commodity and as a result, the quantity demanded will decrease. Similarly, if the price decreases, some people who were not able to afford the commodity previously will now be able to afford and hence the demand will decrease (Krugman & Wells, Pp. 70). There is a law of demand which states; all other factors being held constant, an increase in price of a commodity leads to a decrease in demand.
Other than price, there are a number of factors which affect the demand of a commodity. Some of them are; population, taste and preferences, nature of the goods, personal disposable income, price of substitutes as well as customer expectations among others. When the population is high, there will be more people in the market who are available to buy the goods and services. As a result, the demand will increase with an increase in population. A decrease in population on the other hand will decrease the demand. Taste and preference influence demand in that when the people have a great desire of a commodity, they are likely to buy more of it (OConnor, Pg. 137). Desire is a term that may refer to the willingness to buy. It should be noted that one may be willing to buy but they are not able to buy. This does not constitute demand. However, when people are willing to ...Download file to see next pagesRead More
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