The theory of demand is a fundamental concept in economics that explains the relationship between the price of a product and the quantity demanded by consumers. It is a key principle in understanding consumer behavior and market dynamics.


EduRev offers an informative and visually appealing video on the theory of demand. The video provides a comprehensive explanation of the concept, making it suitable for students studying Economics in Class 11.


The video covers the following key points:

1. Definition of Demand:
- Explanation of what demand means in economics.
- Differentiating between demand and quantity demanded.
- Understanding the factors that influence demand.

2. Demand Schedule and Demand Curve:
- Introduction to demand schedule and its components.
- Explanation of how the demand curve is derived from the demand schedule.
- Illustration of a demand curve with examples.

3. Law of Demand:
- Explanation of the law of demand, which states that as the price of a product decreases, the quantity demanded increases, and vice versa.
- Graphical representation of the law of demand using a downward-sloping demand curve.

4. Determinants of Demand:
- Identification and explanation of the factors that affect demand, such as consumer income, price of related goods, consumer tastes and preferences, and more.
- Understanding the concept of demand elasticity and its impact on consumer behavior.

5. Shifts in Demand Curve:
- Explanation of the factors that cause a shift in the demand curve, such as changes in income, population, consumer expectations, and advertising.
- Illustration of how these factors influence the demand for a product.

6. Demand Function:
- Introduction to the concept of a demand function and its mathematical representation.
- Explanation of how to calculate the quantity demanded at a given price using the demand function.


The video on the theory of demand provided by EduRev offers a detailed explanation of the concept, covering key points such as the definition of demand, demand schedule and curve, law of demand, determinants of demand, shifts in the demand curve, and demand function. It provides a visually appealing and comprehensive resource for students studying Economics in Class 11.