Question

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

Answer 1

Answer:

Answer is the following:

Explanation:

Demand:- The asking of things we need from the marketing services.

Supply:- The marketing services respond to the demand and grant their things asked to the customers. The grants are called as supplies.

Example:- We need vegetables, milk etc. in our daily lives, we ask for vegetables to the vendor (Demand), and they give us our needed vegetables (Supply). Another example of multiple demands and different processes of supply is that We ask the shopkeeper for milk (Demand1), the shopkeeper asks for milk from the marketing provider (Demand2). The marketing service provides the milk in wholesale amount to the shopkeeper (Supply Process 1). The shopkeeper sells us the milk (Supply Process 2). Just like this Demand and Supply process go on every second in the every corner of the Earth.

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