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Economic Terms and their Meaning


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"

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
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