Supply is an economic principle can be defined as the quantity of a product that a seller is willing to offer in the market at a particular price within specific time.
Movement in the demand curve is when the commodity experience change in both the quantity demanded and price. The shift in the demand curve is when, the price of the commodity remains constant, but there is a change in quantity demanded due to some other factors.
Law of demand is given as, “If the price of a product falls, its quantity demanded increases and if the price of the commodity rises, its quantity demanded falls, other things remaining constant.”
Demand refers to the willingness or effective desire of individuals to buy a product supported by their purchasing power. Demand is generally classified based on various factors.
Demand in Economics is an economic principle can be defined as the quantity of a product that a consumer desires to purchase goods and services at a specific price and time.
Inflation in Economics is defined as the persistent increase in the price level of goods & services and decline of purchasing power in an economy over a period of time.
Business Cycle, also known as the economic cycle or trade cycle, is the fluctuations in economic activities or rise and fall movement of gross domestic product (GDP) around its long-term growth trend.
Marshall define laws of economics or statements of economic tendencies, are those social laws, which relate to branches of conduct in which the strength of the motives chiefly concerned can be measured by money price.
Economics is divided into two branches, namely: microeconomics and macroeconomics. Microeconomics deals with the economic problems of a single industry or organisation, while macroeconomics deals with the problems of an economy as a whole.
Similar to the economics definition, there are a number of controversial issues related to its nature of economics. Some economists consider economics as a science, or economics as a social science while others have a believe economics as an art.