Explain the terms 'demand' and 'supply' with an example from our daily life.
Answers
Answer:
Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. Holding all other factors
Supply is an economic term that refers to the amount of a given product or service that suppliers are willing to offer to consumers at a given price level at a given period.
The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource. The theory defines what effect the relationship between the availability of a particular product and the desire (or demand) for that product has on its price.
Explanation:
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Answer:
Demand and supply: Demand meaning is indeed or needy
it means a surpluses which has more shortage or in the low level quantity
which is hard to buy it Example:when the flood comes demand of food and water
Supply is the thing which we get from other things Example:plants and animals supplies food