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Economic Report
Beginning of paper
In economics, we need to use terms a little more carefully than they are sometimes used in ordinary discussions. In general use, "Demand" is a word that can have more than one meaning, but in microeconomics we define it more carefully so that it has only one meaning. Here is the definition:
Demand is the relationship between price and qu .... Middle of paper
.... purchase the good or service in the market. The demand relationship expresses that willingness and ability for the whole range of prices. To say that a person has a demand for a particular product is to say that the person has money with which to buy and is willing to exchange the money for the good. People will not demand what they do not want or need, but a want or a need unbacked by purchasing power is not a demand.
Similarly, it is not en ....
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Number of words: 671
Number of pages: 3 (approx. 250 words per double-spaced page)
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