JAMB - Economics (2024 - No. 35)
The willingness of an individual backed up with purchasing power at a given time is
effective demand
demand
desire
utility
Explicació
Effective demand refers to the willingness and ability of an individual or a group of individuals to purchase goods or services at a given time, backed up by their purchasing power. It combines both the desire or willingness to buy a product or service (demand) and the financial ability to make the purchase (purchasing power).