ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supply
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Demand
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Ethics
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Bait
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Detailed explanation-1: -Demand refers to the desire for a particular product or service that is backed by the ability and willingness to pay for it. In other words, it is the extent to which consumers are willing to pay for a product or service.
Detailed explanation-2: -Consumer demand is an economic measure of a group’s desire for a product or service based on availability. It represents the buying habits of consumers and helps determine the purchasing trends of specific populations.
Detailed explanation-3: -In short, needs are things that satisfy the basic requirement. Wants are requests directed to specific types of items. Demands are requests for specific products that the buyer is willing to and able to pay for. In a consumer market examples are usually very clear to identify.