Introduction:

The term demand is different from desire, want; wish etc. in the language of economics the term demand has different meaning. Any want or desire will not constitute demand. The other aspects of demand are as follows. Demand refers to the total or a given quantity of a commodity that are purchased by a consumer in the market at a particular price at a particular time. The types of demand are.

• Demand is always at price
• It should be always expressed in terms of specific quantity
• It always created in the market
• It is relative to a person, place and time. Demand is desire to buy plus willingness to pay plus ability to pay.

Types of demand:

1. Price demand: It refers to a various amount of a commodity that consumer will purchase at a given series of prices. It assumes that other determinants of demand such as income of the consumer, prices of related goods, habits etc. would remain constant. It only tells us that how changes in price bring about changes in the demand for a product in the market, D=f(p)
2. Income demand: It refers to the various amount of a commodity that consumer would purchase at different level of income. While studying income demand, we assumes that other determinants of demand like price of goods, customs, habits etc. would remain constant. In short it explains how there will be change in demand for a product when the level of income of a consumer would change, D=f(Y).
3. Cross demand: It refers to the quantity of a commodity that is purchased by a consumer as a result of change in the price of another commodity in relation to a given commodity. For example quantity demanded of commodity X not only depends on its own market price but also changes in the price of its substitutes like Y,Z etc. cross demand arises in the case of substitutes and compliments, D_A=f(P_X , P_Y).

The other types of demand are.

1. Individual Demand: The quantity of a good that a single consumer is willing and able to buy at different prices.
2. Market Demand: The total quantity of a good that all consumers in a market are willing and able to buy at different prices.
3. Direct Demand: The demand for goods that directly satisfy human wants, such as food and clothing.
4. Derived Demand: The demand for goods that are not desired for their own sake but because they help produce other goods, like the demand for steel, which is derived from the demand for cars.
5. Joint Demand: When the demand for two or more goods is interdependent, for example, cars and gasoline.
6. Composite Demand: When a good is demanded for multiple purposes, such as milk, which can be used for drinking, making cheese, or making butter.
7. Short-run Demand: The demand for goods over a short period, which may be influenced by temporary factors like seasonal changes.
8. Long-run Demand: The demand for goods over a long period, taking into account trends and adjustments in consumer preferences and market conditions.
9. Elastic Demand: When a small change in price leads to a significant change in the quantity demanded, typically seen in luxury goods.
10. Inelastic Demand: When a change in price has little effect on the quantity demanded, commonly observed in necessities like medicine or basic food items.

13. Perishable Demand: Demand for goods that have a short shelf life, such as fresh fruits and vegetables.
14. Durable Demand: Demand for goods that have a long lifespan, such as appliances and cars.

also read: explain the law of supply.