Question
Explain the terms ‘demand’ and ‘supply with an example from our daily life.
Answer
Demand- The demand for a good is defined as an amount of commodity for which people are willing to pay and buy.
Supply- Supply of a good is the quantity that the suppliers are willing to put in the market.
Example: When the price of a good rises, the supply also rises. When the price goes down, the supply also goes down.