Demand
Using standard economic theory we can define demand as the quantity of goods and services that consumers want to buy at different prices. This definition of demand is based on the assumption that, all other factors that affects demand remains constant when we consider the effect of price on the demand for any good or service. To put it more simply, we know that demand is affected by a number of factors like price of the product, the income of the individual, the price of other related products, the consumer’s tastes and preferences, and even government policies. When Continue reading...