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Difference between demand and supply?

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Difference between demand and supply?

    • Posted by Nima Sherpa 4 years, 7 months ago

    CBSE > Class 12 > Economics
    • 1 answers

    Sia ? 4 years, 7 months ago

    BASIS FOR COMPARISON DEMAND SUPPLY
    Meaning Demand is the desire of a buyer and his/her ability to pay for a particular commodity at a specific price. Supply is the quantity of a commodity which is made available by the producers to its consumers at a certain price.
    Curve Downward-sloping Upward-sloping
    Slope <a href="https://keydifferences.com/wp-content/uploads/2020/10/demand-slope.jpg"></a> <a href="https://keydifferences.com/wp-content/uploads/2020/10/supply-slope.jpg"></a>
    Relationship with Price Inverse Relationship Direct Relationship
    Represents Customer Firm
    Effect of Variations When the demand increases but supply remains constant, it leads to shortage but when the demand decreases and the supply is constant leads to surplus. When the supply increases but demand remains constant, it leads to surplus but when the supply decreases and the demand is constant it results in shortage.
    Determinants other than price Taste and Preference Price of the Resources and other inputs
    Number of Consumers Number of Producers
    Price of Related Goods Price of factors of production
    Consumer Income Taxes and Subsidies
    Consumer Expectations Technology

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