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