INTRODUCTION OF DEMAND And SUPPLY

ECONOMIC & BUSINESS ENVIRONMENT – CSEET (Paper-3)

This topic Supply and Demand of Economics and Business Environment of Paper -3 of CS Executive Entrance Test is just going to a refresher of the Economics that most of the students might have gone through in their higher secondary education. Even if not, be sure that at the end of this article you would have a pragmatic understanding to the demand, supply and the markets that they play on.

Since, it is going to be an objective paper let you learn the subject in a similar way so that basic concepts gets registered into bulletins and illustrations helps to have a better understanding.

Here is the table of contents:

– Supply and Demand Meaning
– Law of Demand
– Exceptions to law of demand
– Law of Supply
– Elasticity of Demand
– Increase and decrease in demand
– ELASTICITY OF SUPPLY
– Forms of Market Competition

Now let’s dive in the topic:

SUPPLY AND DEMAND MEANING

Demand Meaning – Desire backed up by the purchasing power of the consumer. It has two elements i.e. consumers desire to purchase goods or services and willingness to pay for it. A mere desire without purchasing power or ability to pay without desire to purchase cannot be termed as purchase.

Supply – Meaning of supply is relatively simple, it refers to the total amount of a specific goods or services that is available to consumers at a specific price or range of prices..

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