Demand and PED

?
  • Created by: Sin Heng
  • Created on: 08-12-19 10:59
  1. 1. Define the economic meaning of 'demand' 

Demand is the quantity of goods or services that will be bought at any given price over a period of time. 

2. What is the difference between extension of demand and contraction of demand? 

Extension of demand is when the quantity demanded rises while contraction of demand is when the quantity demanded falls. 

3. What are the main conditions of demand? 

Prices,  income,

Comments

No comments have yet been made