Saturday, August 11, 2018

Is Market Demand and Individual Demand are same?

We are going to know about market demand and individual demand. Both are are related to each other but have a much  difference between both.So let talk about them

what is market demand?

So lets clear the meaning of market demand, the sum of all individual demands for a particular goods and services.In simple words, a group of people wants to consume a particular product and services so they are demanding for that is called market demand. lets understand with a example, A and B are together demanding for ice cream in town that can be consider as market demand of ice cream.

what is individual demand?

So this also a part of market but different meaning, the demand of single person for a product is consider as individual demand. In this market only one person's demand  is consider.Lets take above example again, in individual market separate demand of A and separate demand of B for ice cream is consider not together.


                                        In economics we sum the individual demand curve horizontally to obtain the market demand  curve. So both are different but related to each other. 
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