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 |
Current Affairs Quiz 2020 - A Plentiful Resource Site
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