Question

Define Say's law of market​

Answer 1

Say's law of market states that the ability to purchase or buy any product or service ideally depends on the capacity to produce that particular product or service from which profit or income can be generated in the market

Explanation:

• Say's law of market is named after French economist Jean Baptiste Say who propounded this law.
• According to Say's law of market,in order to fulfill the consumer demand for goods and services in the market there must be adequate production  of those goods and services which can ensure their adequate availability in the market to fulfill demand.
• Hence,based on this law,production is an important decisive factor in the market or economy as a whole in satisfying the consumer or buyer demand for various goods and services.It is the cardinal component without which there would be no consumption in the market or economy.Therefore,the focus is to expand or enhance the production level in the market or economy.

Answer 2

Answer:

Say's law of market states that all what is produced in an economy will be absorbed by the economy. That is, whatever units of output is produced will be sold and there won't be any surplus nor any shortfall. Technically, Say's law states, "Supply creates its own demand".