The market demand curve is the summation of all the individual demand curves in a given market. It shows the quantity demanded of the good by all individuals at varying price points.

Demand is the quantity of a good or service that consumers and businesses are willing and able to buy at a given price in a given time period. Market demand is the sum of the individual demand for a product from buyers in the market.

The following points are noteworthy so far as the difference between demand and quantity demanded is concerned:

• Demand is defined as the willingness of buyer and his affordability to pay the price for the economic good or service. Quantity Demanded represents an exact quantity (how much) of a good or service is demanded by consumers at a particular price.
• Demand refers to the graphing of all the quantities that can be purchased at different prices. On the contrary, quantity demanded, is the actual amount of goods desired at a certain price.
• When a person talks about increase or decrease in demand, it means the change in demand. Conversely, if a person talks about expansion or contraction of demand, he refers to the change in quantity demanded.
• Changes in demand are due to the factors other than price, i.e. income, the price of complementary goods, the price of substitutes, etc. On the other hand, changes in quantity demanded is due to price.
• Change in demand will result in the shift in the demand curve. As opposed to quantity demanded, where the change may lead to the movement along the demand curve.

 The concept 'Drain of wealth' means exploitation of economic resources of a country by the colonial / imperial power. Drain of wealth was at random during the British colonial regime in India. Then the British colonial power syphoned India's natural resources, raw materials and paralysed the entire economy by way of taxation and other oppressive measures. India was turned into a market of British manufacturing goods. Dadabhai Nauroji the great early nationalist advanced the theory of 'Drain of wealth' in India by the British in 19th century.

Scarcity implies to the lack of required materials such as raw material, adequate technologies, or other needed resources or more import i.e. deficit that ultimately affects the growth and development of industries or economy of a country in collective form. Lower growth, slow development, unemployment, salary cut off, recession i.e. employed becomes unemployed and others. Scarcity therefore implies to economic problem.

Indian economy at the time of independence was in a very bad shape.

• (i) Low Agricultural Productivity During the colonial rule Indian agricultural sector was exploited by the British to serve their own interest. As a result, Indian agricultural sector experienced stagnation, low level of productivity and lack of investment in technology, fertilizers and irrigation facilities. This resulted in poor condition of landless farmers and peasants. Commercialization of agriculture created shortage of food grains in India. Thus, the immediate concern for India was to develop its agricultural sector and its productivity to become self reliant and ensure food security for people. Some of the immediate reforms needed at the time of independence were abolition of zamindari system, need of land reforms, (educing inequality of land ownership and upliftment of the peasants apart from increasing the use of fertilizers and belter technology.

• (ii) Under-developed Industrial Sector India failed to develop a sound industrial base during the colonial rule. There was a need of huge capital investments, infrastructure, human skills, technical know how and modern technology for industrialization. Further, due to stiff competition from the British industries, India's domestic industries had failed to sustain. Thus, development of small scale and large scale industries simultaneously while facing capital shortage was a matter of concern for India. The need to increase the share of industrial sector to India's GDP was one of the important Economic challenges for India.

• (iii) Inadequate Infrastructure Although, the British brought about significant infrastructural development in the country, but it was done only for serving their interests and was not sufficient to improve the performance of agricultural and industrial sector in the country. Also, there was a need to upgrade and to modernize the existing Infrastructure to enhance its efficiency and effectiveness.

• (iv) Poverty and inequalities India was trapped in the vicious circle of poverty and inequality. The colonial rule drained out a significant portion of India's wealth to Britain Consequently, majority of India's population was living in abject poverty. Economic inequalities wore present across the country duo to the different economic classes that had emerged due to British policies like zamindari system.

Scope of Economics : The continuous growth in the subject matter of economics has led to divergent views about a scope of economics. It includes Subject matter of Economics, Economics is a science or an Art, or is it a Positive or Normative science.

Subject Matter of Economics: The subject matter of economics is the study of grounds of material interests or as the science of wealth. Men who are sensible beings and take action under the active social, legal and institutional group. It eliminates the performance, manners of socially objectionable and uncharacteristic persons like misers, thieves etc. It consists of the study of the exertion of consumption, production, exchange and distribution of wealth, as well as the fortitude of the values of goods and services the amount of employment and the determinants of fiscal development. Further it comprises the study of grounds of poverty, unemployment, under employment, inflation etc. and actions for their elimination.

Economics as a Science : Economics is a science since its laws have widespread soundness such as the law of diminishing returns, the law of diminishing marginal utility, the law of demand etc. It is called as a science since its self-remedial nature. It goes on amendments in the dawn of new specifics based on interpretations. Hence Economics is a science like any other science that has its own generalisations, theories or laws of economics which traces out a casual relationship between two or more phenomena.

Economics as an Art : The practical application of scientific techniques is the Art of Economics. Some economists consider economics as a science and art while few others as science and applied science. It is considered as newest of science and oldest of arts and the queen of all the social sciences.

Economics as a Positive Science : As per the nineteenth century experts, economics is a positive science. Since it seeks to explain what has actually happened but not what is ought to happen. According to J.N.Keynes, Positive science is defined as"A body of systematised knowledge concerning what ought to be and concerned with the ideal as distinguished from the actual." 

Scarce resources are the workers, equipment, raw materials, and organizers used to produce scarce goods.

Like the more general society-wide condition of scarcity, a given resource falls into the scarce category because it has a limited availability in combination with greater (potentially unlimited) productive uses.

Ans. Quatitative data are anything that can be expressed as a number, or quantified. Examples of quantitative data are scores on achievement tests,number of hours of study, or weight of a subject. These data may berepresented by ordinal, interval or ratio scales and lend themselves to most statistical manipulation.

Qualitative data cannot be expressed as a number. Data that represent nominal scales such as gender, socieo economic status, religious preference are usually considered to be qualitative data.

Both types of data are valid types of measurement, and both are used in education journals. Only quantitative data can be analyzed statistically, and thus more rigorous assessments of the data are possible.

Ans.

• The coercive techniques used by the authorities in China to ensure success of the One Child Policy.
• Emotional and Psychological voids created in the lives of millions of Parents and Single Child in the family.

Ans. Poverty Line is an economic benchmark and poverty threshold used by the government of India to indicate economic disadvantage and to identify individuals and households in need of government assistance and aid. It is determined using various parameters which vary from state to state and within states.