What to create	Quiz
Which subject	Economics
What age group	Year or Grade 10
What topic	demand
Question types	Open-ended
Number of questions	5
Number of answers	4
Correct answers	Exactly 1
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1. What is demand in economics?

2. What is the difference between demand and quantity demanded?

3. What are the determinants of demand?

4. Explain the concept of elasticity of demand.

5. Give an example of a product with inelastic demand and explain why it is inelastic.

Answers

1. Demand is the desire for a good or service and the willingness to pay for it. It is the quantity of goods or services that consumers are willing and able to buy at a particular price and in a given time period.

2. Demand refers to the total amount of a good or service that consumers are willing to buy at various prices, whereas quantity demanded refers to the amount of a good or service that consumers are willing to buy at a specific price.

3. The determinants of demand include income, tastes and preferences, price of related goods, consumer expectations, and number of buyers.

4. Elasticity of demand is a measure of how responsive the quantity demanded of a good or service is to changes in its price. If the quantity demanded changes dramatically with a small change in price, the demand is said to be elastic. If the quantity demanded remains relatively unchanged with changes in price, the demand is said to be inelastic.

5. A necessary medicine is an example of a product with inelastic demand. The demand for medicine is inelastic because it is a necessity for consumers and there are no close substitutes. Consequently, the quantity demanded of medicine is not affected much by changes in price, because consumers will continue to buy medicine at any price.