Demand & Supply
Economics · मांग और पूर्ति · 12 facts
Law of Demand: price rises, quantity demanded falls — INVERSE relationship
Law of Supply: price rises, quantity supplied rises — DIRECT relationship
Demand curve slopes downward (left to right); Supply curve slopes upward
Equilibrium: point where demand and supply curves intersect (price settles)
Elasticity: measures how sensitive demand/supply is to price changes
Giffen Goods: demand INCREASES when price increases (exception to law)
Veblen Goods: luxury goods where higher price increases demand (status symbol)
Inferior Goods: demand falls when income rises (e.g., coarse grain)
Normal Goods: demand rises when income rises (e.g., branded clothes)
Substitute Goods: rise in price of one increases demand for other (tea-coffee)
Complementary Goods: used together, rise in price of one reduces demand of other
Ceteris Paribus means other things being equal — key assumption in demand law