Q.Identify and explain the following concept:
A poor person wants to buy a car.

Odd word = Cost of production.

The determinants of demand are the factors that influence how much of a good consumers wish to buy:

• Price of the commodity itself.
• Income of the consumer.
• Size of population (more people, more demand). …

The economic term is Demand.

A plain desire or wish for a good is not 'demand' in economics. Demand exists only when three things come together: a desire for the commodity, the willingness to buy it, and the ability to pay its price. If any one is missing — for example, a poor person wanting a car has the desire but no purchasing power — it stays a mere want, not demand. Demand is always stated with …

The term described is Demand — a desire for a commodity supported by both the willingness to buy it and the ability to pay for it.

A plain wish for a good is only a desire or want. Economics treats it as demand only when three conditions are met together:

1. Desire for the commodity,
2. Willingness to purchase it, and
3. Ability to pay (purchasing power) at the given price. …