Category: 2. Demand Forecasting

Demand Demand is a widely used term, and in common is considered synonymous with terms like ‘want’ or ‘desire’. In economics, demand has a definite meaning which is different from ordinary use. In this chapter, we will explain what demand from the consumer’s point of view is and analyze demand from the firm perspective. Demand…

The ‘Law Of Demand’ states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa. Demand elasticity is a measure of how much the quantity demanded will change if another factor changes. Changes in Demand Change in demand…

The Economic Systems Economic market system is a set of institutions for allocating resources and making choices to satisfy human wants. In a market system, the forces and interaction of supply and demand for each commodity determines what and how much to produce. In price system, the combination is based on least combination method. This…