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The main difference between need and demand in economics is the purchase power. A want refers to a service or a good that is desired by a customer that is not necessarily required to sustain life while demand refers to the quantity of goods and services that the consumers are willing and able to buy at the range of prices.
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What is the main tool of micro economics?
Demand and Supply.
What is the difference between demand function and demand schedule?
Demand schedule: a list of demand/price equivalencies. It can best be seen as a table with discrete points. Demand function: a continuous function of price-demand interaction. Main difference: schedule is discrete; function is continuous.
What is the Difference between economics and engineering economics?
Economics is the theory of how to best divide resources up between between agents to maximize their utility. Engineering economics would be the theory of how to design a product in the most cost-efficient and reliable way.
Which economic principle describes the imbalance between what people want and what can b produced?
The laws of supply and demand that result from scarcity.
What is the relationship between a complimentary good and the demand for the main product?
A complimentary good is a product that is typically used together with another product. The demand for the main product is positively affected by the demand for its complimentary good. When the demand for the complimentary good increases, it can lead to an increase in the demand for the main product as well.
What is the main tool of micro economics?
Demand and Supply.
What is the difference between demand function and demand schedule?
Demand schedule: a list of demand/price equivalencies. It can best be seen as a table with discrete points. Demand function: a continuous function of price-demand interaction. Main difference: schedule is discrete; function is continuous.
Main difference between classical macro-economics and neo-classical thoughts?
what is diff b/w the classical economist and keynes economist
What is the Difference between economics and engineering economics?
Economics is the theory of how to best divide resources up between between agents to maximize their utility. Engineering economics would be the theory of how to design a product in the most cost-efficient and reliable way.
What is the difference between polyethylene and polyester?
what is the main difference between polyethylene and polyesters what is the main difference between polyethylene and polyesters
What is the main difference between the two products?
The main difference between the two products is their ingredients.
What is the main difference between animation and simulation?
There is no difference.
What is the main difference between compaction and consolidation?
difference between campaction and consolition
Which economic principle describes the imbalance between what people want and what can b produced?
The laws of supply and demand that result from scarcity.
What are the main difference between communicating with adults and children?
what are the main difference between communicating with adults and communicating with children
What is the main problem that economists have examined?
Economics can be characterised as the study of scarcity: there are finite resources and goods but there is an almost infinite demand through needs and desires.
What is the relationship between a complimentary good and the demand for the main product?
A complimentary good is a product that is typically used together with another product. The demand for the main product is positively affected by the demand for its complimentary good. When the demand for the complimentary good increases, it can lead to an increase in the demand for the main product as well.
