*Individual Demand Schedule - Various possible quanitities of a commodity that a particular consumer in the market is ready to buy at various possible prices for that commodity at a point of time. *Market Demand Schedule - Different possible quanitites of a commodity that all the consumers in the market are ready to buy at different possible prices at a point of time.

Individual Demand Schedule
Individual demand refers to the quantity of a good or service that a single consumer is willing and able to purchase at various price levels.
- Definition: An individual demand schedule is a table that shows the relationship between the price of a product and the quantity demanded by one consumer.
- Example: If the price of apples is $1 per pound, the consumer may buy 5 pounds. If the price rises to $2, they may only buy 3 pounds.
- Purpose: This schedule helps in understanding consumer behavior and preferences based on price changes.
Market Demand Schedule
Market demand is the total quantity of a good or service that all consumers in a market are willing and able to purchase at various price levels.
- Definition: A market demand schedule combines the individual demand schedules of all consumers in the market to show the overall demand.
- Example: If there are three consumers in a market, and their individual demand for apples at $1 is 5, 3, and 2 pounds respectively, the market demand at that price is 10 pounds.
- Importance: This schedule is crucial for businesses and policymakers as it indicates the overall market behavior and helps in forecasting sales and setting prices.
Key Differences
- Scope: Individual demand focuses on one consumer, while market demand aggregates all individual demands.
- Application: Individual demand is useful for understanding personal consumption patterns; market demand is essential for analyzing overall market trends and making business decisions.
Understanding both demand schedules is vital for effective market analysis and strategic planning.