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1. in no more than five(5) lines of typed text below this question, define the Economics...

1. in no more than five(5) lines of typed text below this question, define the Economics term "DEMAND", describe how it is graphically illustrates, and specifically identify two changes in market circumstances that might result in decrease in DEMAND. Be specific.

2. in no more than five(5) lines of typed text below this question, define the Economics term "SUPPLY", describe how it is graphically illustrates, and specifically identify two changes in market circumstances that might result in decrease in SUPPLY. Be specific.

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Answer #1

Answer : 1) In economics the money capacity to buy a willing product is known as demand.

The demand curve is downward sloping because of negative relationship between price and quantity.

The market demand decrease for the following two reasons : (i) price rise ; ( ii) substitute product

(i) Price rise : The price is negatively related with demand. If price level increase for a product then demand for that product decrease.

(ii) Substitute product : If substitute products of a product exist in the market with lower price then the demand for the original product decrease but demand for substitute product increase.

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