Meaning of Demand. In economics, “demand” refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a specific period. It represents the relationship between
Meaning of Want: In economics, a “want” refers to the desire or wish for goods and services that can satisfy human needs. Wants are essentially the specific ways in which individuals express their broader needs.
Meaning of utility: The concept of Utility was introduced in economics by Prof. William Stanley Jevons, an English economist. According to him utility is the quality possessed by an object of producing pleasure or preventing
Meaning of Consumption. In ordinary language, the term consumption means eating some food stuffs but in economics, Consumption refers to the use of goods and services by individuals or households to satisfy their wants and
