Supply:-
Supply in economics is defined
as the availability of an product to the customer.On the other customers gave
more value that they want to buy but they wont give more value to nobody wants.
Example:-
At the end
of mango season when our family went to the market more people willing to buy
the mangos . Then the price of the mangos at that timeincreased dramatically.
Demand:-
Demand is defined as ability and willingness of the customer to buy the
product.When the price of the product increases automatically demand for that
product will decrease.Basically it depends upon income level,consumer
preferences & patterns
Example:-
Near to
our IBA a new restaurant has open recently. Few tables are there but there is a
line for tables reservation. When the price of
the product increases automatically demand for that product will decrease.Basically
it depends upon income level,consumer preferences & patterns
Example:-
Near to our IBA a new
restaurant has open recently. Few tables are there but there is a line for
tables reservation.Here demand for the tables has increases.
Trade offs:-
It is defined as when we sacrifices for one thing
to get another thing .It means the thing we get one thing but they have to
give up on another thing.
Example:-
One day my sister told me that its's not that they are making a trade off
between this and another jewelery
Incentives:-
Incentives is defined
as the it is an payment in form of encouragement ,like to do something to save
and invest more with their income.
Example:-
When my
and my daddy incentive to dont leave the car at the home because at that time
the public transportation was so expensive.Inentives is also known as bonus.
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