how is demand met?who are processing the products to meet the need(competition or command)?how much of needed is now being met(supply)?
Answers
Explanation:
demand belongs and it met by production of products quality and people demand in their day to day life
(a)Demand in economics means the willingness of a person to purchase a product or service and to have the capacity to buy the product or service. Demand is met by possessing an adequate supply of the goods or services for the customer. Demand is fulfilled when the demand of a product equals or exceeds the number of goods supplied. It is known as the equilibrium point.
(b) In the marketplace, the cost of goods is determined by the two important factors which are supply and demand. For example, a company with less competition will be able to dictate a price to the customers; whereas a company facing a lot of competition in the market will have to keep a competitive price for its goods.
(c) The quantity of product or service needed is met by the supply of the goods and service. It is determined by the equilibrium point at which the demand curve meets the supply curve. The equilibrium point shows the number of products needed to be supplied.