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Economic Report
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In economics, we need to use terms a little more carefully than they are sometimes used in ordinary discussions. In general use, "Demand" is a word that can have more than one meaning, but in microeconomics we define it more carefully so that it has only one meaning. Here is the definition:
Demand is the relationship between price and quantity dem ....
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....od. People will not demand what they do not want or need, but a want or a need unbacked by purchasing power is not a demand.
Similarly, it is not enough that the suppliers possess the good or (the capacity to perform) the service. Supply also means willingness to sell.
Most of us have experience living in the market economic system, and that ma.... |
| Word count: 671 |
Page count: 3 |
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