Ans. Yes, I do agree with the given statement. Following are the various types of demand.
The types of demand can be mainly divided into two groups: -
· Individual Demand
· Market Demand
1. Individual Demand: -It refers to the demand for a commodity from an individual. It is the amount of a commodity an individual consumer is willing to buy at a given price during a given period of time.
2. Market Demand: -It refers to the total demand of all the individual consumers for a particular commodity. It is the amount of commodity which all consumers are willing to buy at a particular price, and at a particular point of time.
3. Other types of demand:
a) Direct demand: -When the demand for a commodity is for direct consumption, it is called direct demand. All consumer goods have direct demand because they are demanded for direct consumption.
b) Derived Demand: -When the demand for a commodity depends on the demand for goods and services produced by it, it is called derived demand. All factor services such as land, labour, capital, etc
c) Joint Demand: -When two or more commodities are demanded at the same time to satisfy a single want, it is called joint demand. For example, car and petrol; pen and paper etc.
d) Composite Demand: -When a single commodity or service is demanded to satisfy various wants, it is called composite demand. For example, electricity is demanded for lighting, heating, cooking, etc (water also)
e) Competitive Demand: -When the demand for a commodity competes with the substitutes, it is called competitive demand. For example. Soft drinks such as coca-cola, Pepsi, etc.