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Economic Report
Part 1 of Paper
.... 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 demanded for a particular good and service in particular circumstances. F.... Part 2 of Paper
.... ability for the whole range of prices. To say that a person has a demand for a particular product is to say that the person has money with which to buy and is willing to exchange the money for the good. 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.... |
| Number of words: 671 - Approximate pages: 3 |
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