Demand and Supply

                DEMAND AND SUPPLY 

Demand:

In economics, demand refers to the quantity of a good or service that consumers are willing and able to buy at different prices during a certain time period.

Key points:

*Law of Demand: When the price goes up, the quantity demanded goes down—and vice versa (assuming all other factors remain the same).

*Demand is influenced by factors like income, tastes, prices of related goods, and expectations .


Supply:

In economics, supply is the quantity of a good or service that producers are willing and able to offer for sale at different prices during a certain time period.

Key points:

*Law of Supply: When the price goes up, the quantity supplied increases—and vice versa (assuming other factors remain constant).

*Supply is influenced by factors like production cost, technology, number of sellers, and expectation 



         


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