3. Explain the terms 'demand' and 'supply' with an example from our daily life.
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demand is the amount of anything required by the population of any place,or a country. ... now a days, the population is increasing. however, the supply and demand are inversely proportional. in our day to day lives, we find that water level and its supply is decreasing, whereas the demand is increasing.
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Demand word is used to describe that what a person wants. For example citizens of country A demands for opening schools
Supply means giving to others. For example In country B government supply food to the citizens.
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