Indian Economy

General Studies (CHSL) SSC CHSL

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Indian Economy - Understanding the basics of Indian economic system

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For economists, ________ refers to the amount of a product or service that people are both willing and able to buy.

supply

price

demand

income

Explanation:

Economists use the term demand to refer to the amount of some goods or service consumers who are willing and able to purchase at each price.A rise in the price of a goods or service almost always decreases the quantity of that good or service demanded.Conversely,a fall in price will increase the quantity of demand.

By: Himani Bihagra

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