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Answer : 4. "Demand based on purchasing power"
What is the meaning of demand in economics?
5Q:
What is the meaning of demand in economics?
- 1Aggregate/aggregate demandfalse
- 2Market demandfalse
- 3Individual demandfalse
- 4Demand based on purchasing powertrue
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Answer : 4. "Demand based on purchasing power"
Explanation :
Demand is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them. An increase in the price of a good or service tends to decrease the quantity demanded.