Give meaning to demand and supply❔
Answers
Answer:
Definition of supply and demand. : the amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy If less of a product than the public wants is produced, the law of supply and demand says that more can be charged for the product.
Explanation:
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In Economics,demand basically means want,desire or willingness to obtain a product or service for personal use or consumption.
Supply,on the other hand denotes providence of the required goods and services in the market to satisfy or fulfill the demand for those goods and services.
Explanation:
The term Demand in Economics or Microeconomics basically implies a general willingness or want of any individual or consumer to buy goods and services,considering that the consumer is able to pay to obtain those goods and services demanded by him or her.
On the other hand,supply refers to the providence of goods and services that are demanded by the consumers in the market at each particular price level of those goods and services.Generally,the supply of any product or service has a direct and positive relationship with its price meaning that as the price of any good or service increases,its supply in the market also increases and vise versa as the sellers and suppliers are attracted by the prospect of higher sales revenue due to price increase.This phenomenon is known as Law of Supply in Microeconomics.