Question

Explain the term demand and supply with example of our daily life

Answer 1

Demand
We can say that demand is a thing that we want or something that is necessary for us.

Example
Food is your daily life demand
Water is your daily life demand
Electricity is your daily life demand


These are the things which is is need by us and we demand for these things.



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Answer 2

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The demand for a good is defined as an amount of commodity for which people are willing to pay and buy. Supply of a good is the quantity that the suppliers are willing to put in the market.