Presented by
Amrendra kumar
Theory of Demand
3
H
uman Wants
Goods are priced because of their usefulness;Usefulness leads to the demand while scarcity leads toits supply. Therefore the interaction of demand andsupply is the point where the prices of goods isdetermined.
Human Wants: The basis of all economic activities isthe existence of human wants and the process of fulfillment of this want is where all economic activitiesstart.
Definition of Human Want:
Desire is the wish to have something. But µwant¶ is aneffective desire for a particular thing, which can besatisfied by making an effort to acquire it.
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