KTU B.TECH SECOND YEAR BUSINESS ECONOMICS [HS200] NOTE - MODULE 2 | IMPORTANT QUESTIONS


BUSINESS ECONOMICS [HS200] NOTE - MODULE 1

KTU B.TECH SECOND YEAR BUSINESS ECONOMICS [HS200] NOTE - MODULE 1,Business Economics Notes,Business Economics Questions,Business Economics important questions,Business Economics model questions,Business Economics second year notes,Business Economics second year questions,HS200 questions,HS200 notes

1.What is Demad ?

Ans. Demand is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. 

Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa.

Think of demand as your willingness to go out and buy a certain product. For example, market demand is the total of what everybody in the market wants.

2.What is Supply ?

Ans. Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. 

Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph. 

This relates closely to the demand for a good or service at a specific price; all else being equal, the supply provided by producers will rise if the price rises because all firms look to maximize profits.

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