MGT405 Lecture Notes - Lecture 6: Sales Promotion, Unit, Ceteris Paribus
Document Summary
After having studied this unit, you should be able: to understand the concept of demand, to identify the determinants of the demand for a commodity. Demand is the force that drives all business without a demand for its goods or services, a firm is doomed to failure. In economic science, the term "demand" refers to the desire, backed by the necessary ability to pay. The demand for a good at a given price is the quantity of it that can be bought per unit of time at the price. There are three important things about the demand: 1. It is the quantity desired at a given price. It is the demand at a price during a given time. It is the quantity demanded per unit of time. The factors that determine the size and amount of demand are manifold. "function" is employed to show such "determined" and "determinant" relationship.
