Effective demand in economics means

Assessment: WAEC SSCE - Economics - 1995 (Objective) Subject: Economics

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Effective demand in economics means
Answer Details
Effective demand in economics refers to the desire or willingness of consumers to buy goods and services, coupled with the ability to actually purchase them, i.e. backed by sufficient purchasing power. It is the combination of two factors - the willingness to buy and the ability to pay. Therefore, effective demand can be understood as the amount of a particular product or service that consumers are both willing and able to purchase at a given price level.
Read lesson note on Demand (WAEC)
Read lesson note on Economics As A Science (JAMB)
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