Individual Demand Demand arises from an individual consumer for a good or a service is the individual demand.Market DemandDemand arises from all the consumers in the market for a good or service is the market demand. Market demand is derived from the horizontal summation of individual demand.Example : A and B are two consumers. Following table shows A's demand, B's ...
photo credit Goods are things consumed by consumers to fulfill heir wants. The goods can be classified in to two. They are Economic goods and non- Economic goods1. Economic goods - The goods that is produced using scarce resources by people are known as the economic goods.Since scare resources are used to produce economic goods the economic goods also ...
photo credit : People consume goods and services to satisfy their needs and wants. Needs are the basic requirements or necessities to be fulfilled by people for their survival or living. For example people need food, shelter water and clothes .They cannot live with out fulfilling these needs Needs are common to all human and do not vary with ...
