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Economic Terms and their Meaning

Demand

According to Prof.Benham "Demand for anything, at a given price is the amount of it which will bought per unit of time at that price"

Kinds of Demand
Price Demand, Income Demand and Cross Demand
Demand Schedule
A tabular statement of price-quantity relationship
Demand Curves
Graphical representation of demand schedules
Law of Demand

According to Dr.Marshall, "the amount demanded increases

with a fall in price and decreases with a rise in price"

Supply
The quantity which a seller is prepared to sell at a given price and at a given time
Supply Curve
The relationship between market prices and the amount which producers are prepared to bring to the market
Law of Supply
The relationship between the price of a commodity and its supply
Production
The process of creating various goods and services, which are consumed by the people of the country
Main Factors of production
Land, Labour, Capital and Entrepreneur

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