Meaning and Definition of Demand Demand for goods and services implies the number of goods and services that buyers are wanting or willing and capable to acquire at various potential prices during a particular time. In common sense, demand implies a desire or wish to have something or some goods or services. But in economics, […]
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The subject matter of economics is broadly divided into two branches, namely microeconomics and macroeconomics. Microeconomics and macroeconomics have become household worlds today. Microeconomic and macroeconomic analysis is now considered two important approaches to economic analysis. Microeconomics The prefix ‘micro’ is originated from the Greek word ‘mikros’, meaning small. It is the study of the
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The willingness to buy a commodity or a service for which necessary resources are available is known as demand. Both desire and resourcefulness are essential requirements for demand. An individual or a family will have demand for several things like food, house, computer, clothes, medicine, car, education, health care, entertainment, and so on to satisfy