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Economic Report
Beginning of essay
In economics, we need to use terms a little more carefully than they are sometimes used in ordinary discussions. In general use, "Demand" is a word that can have more than one meaning, but in microeconomics we define it more carefully so that it has only one meaning. Here is the definition:
Demand ....
Middle of essay
....apacity to perform) the service. Supply also means willingness to sell.
Most of us have experience living in the market economic system, and that makes economics seem like a common-sense field -- but sometimes that common-sense feel can be deceptive. People sometimes use the term "demand" ambiguously -- as if "demand" were the same thing as need. But it is not. Need without purchasing power will not create effective demand in the marketplace. Economists sometimes stress this point by using the.... |
| Number of words: 671 |
Approximate pages: 3 |
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