ECONOMICS (CBSE/UGC NET)

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ECONOMICS

ECONOMIC SYSTEMS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Demand is how many people want the goods that are available. If ____ people want the goods available, there is ____
A
many, high demand
B
aren’t many, high demand
C
aren’t many, low demand
D
many, low demand
Explanation: 

Detailed explanation-1: -Demand is the consumer’s desire to purchase a particular good or service. Market demand is the demand for a particular good in the market. Aggregate demand is the total demand for goods and services in the economy. Demand and supply match determines the price of the good or service. Understanding the concept of demand.

Detailed explanation-2: -Excess Demand: the quantity demanded is greater than the quantity supplied at the given price. This is also called a shortage.

Detailed explanation-3: -In economics, demand refers to how much of a good or service consumers are willing to buy at a given price. The law of demand states that as price increases, demand generally falls, and vice versa.

Detailed explanation-4: -i. Individual and Market Demand: ii. Organization and Industry Demand: iii. Autonomous and Derived Demand: iv. Demand for Perishable and Durable Goods: v. Short-term and Long-term Demand:

There is 1 question to complete.
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