DEMAND AND SUPPLY
DEMAND AND SUPPLY
DEMAND
Demand means the desirability of a product or service. And it must be willingness to purchase.
In other words,
Desirability of products
Willingness to purchase
SUPPLY
Supply means the desirability of a product in the market is called supply.
INTRODUCTION:
Demand and supply are two important aspects of economics. The quantity that people are wanted to buy is called demand. And the commodities supply in the market is called supply of a product of service. The demand and supply both are the backbone of the economy and society.
LAW OF DEMAND:
Other factors remain the same”
When the prices of commodities higher so it effect to decrease in demand of certain commodity and if price of commodities are decreased and it effect to increase in demand of certain commodity is called law of demand.
In other words,
When the prices of commodities higher so the quantity demand must be lesser.
When the prices f commodities lesser so the quantity demand must be higher.
It is the inverse relationship between quantity of demand and price.
LAW OF SUPPLY:
Other factors remain the same”
When the prices of commodities higher so the quantity of supply must be higher.
When the price of commodities decreases the quantity of supply must be decreases.
Gaming Sources:
1- Free Games
2- Fight Games
Tags: Backbone of Economy, Career Planning, Demand and supply, Law of Supply