Question

Explain the terms 'demand' and 'supply' with an example from our daily life.

Answer 1

Answer:

Demand ➡ When we want someone with any other's for any thing then it is demand.

Supply ➡ When we transfer a thing one place to another then it is called supply.

Explanation:

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Answer 2

□ Answer □

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⭐Defination of Demand ➡

Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

⭐Example of Demand ➡

Examples include hotdogs and mustard, beer and pretzels, automobiles and gasoline.

⭐Defination of Supply ➡

Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.

⭐Example of Supply ➡

When supply of a product goes up, the price of a product goes down and demand for the product can rise because it costs loss. At some point, too much of a demand for the product will cause the supply to diminish. As a result, prices will rise.

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