CHRIS
@nakii
Gm frens Let's read something Economics... Demand is the quantities of a product that consumers are willing and able to purchase at various prices during a specific period of time. Demand is a desire that is backed by the willingness and ability to pay for the product. when a want is backed by purchasing power it results in effective demand. Want can be called ineffective demand and demand is same as effective demand Want is the desire for a commodity which is not backed by ability to pay Price is the value of an economic good in terms of money or the amount paid for a good or a service. The relative price of a product is its price compared to that of other products. Quantity demanded of a product implies the number of the product that is bought at a particular price. The Law of Demand The term “Law” in economics, mostly refer to a fundamental principle or rule that describes a regularity or pattern observed in economic behaviour or relationship. The law of demand states that “other things…
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