Theory of Demand Class 11 Notes 2025

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 Theory of Demand Class 11 Notes 2025

July 21, 2025 by Chetan Gupta

Theory of Demand Class 11 Notes

Theory of Demand Class 11 Notes

The theory of demand is an essential concept for economics students, especially in class 11. Understanding this theory helps you grasp how markets work and why prices chan

ge.

Meaning of Demand

Demand refers to the quantity of a commodity that a consumer is willing and able to buy at various prices during a particular period. The three critical aspects of demand are:


Desire to own a product.

Ability to purchase it.

Willingness to pay for it.

Demand is not just the desire for a product; one must also have the means and intent to

 buy.

Type Description

Price Demand Depends on the price level of a product.

Income Demand Changes in demand due to consumer income changes.

Cross Demand Relates to changes in demand for a product when the price of another changes.

Joint Demand Demand for products used together (e.g., pen and ink).

Composite Demand Demand for a product that can serve multiple purposes (e.g., wheat for bread and biofuel).

Direct and Derived Direct: For consumer goods; Derived: For goods demanded due to their use in production (e.g., demand for steel for making cars).

Types of Demand

Conclusion

Grasping these fundamentals provides an excellent base for deeper studies in economics and equips you for class 11 exams and beyond. The theory of demand class 11 notes aims to make this concept as clear and approachable as possible for all students.


FAQs

What are the notes on the theory of demand?

Notes on the theory of demand summarize concepts such as the definition of demand, the law of demand, factors influencing demand, and movement/shift in the demand curve. They also detail types of demand and provide graphical illustrations.


What are demand class 11 notes?

Demand class 11 notes refer to concise study materials that explain the basic ideas of demand, including its definition, law, determinants, elasticity, and related diagrams and tables. These notes are crafted to make concepts easy for class 11 students to understand and memorize for exams.


What is the theorem of demand?

The theorem of demand, commonly called the law of demand, asserts that there is an inverse relationship between the price of a good and the quantity demanded, assuming other factors remain constant. When price goes up, demand falls; when price goes down, demand increases.


What are the 4 types of demand?

The four fundamental types of demand every student should know are:

1. Price Demand: Based on the price of the product.

2. Income Demand: Based on changes in consumer income.

3. Cross Demand: Based on prices of related (substitute or complementary) goods.

4. Joint Demand: When two goods are demanded together (e.g., bread and butter)


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