Introduction to Economics and Demand

Vocabulary flashcards covering the basic definitions of economics and demand as presented in the Unit 04 lecture notes.

Economics

A social science concerned with the production, distribution, and consumption of goods and services, studying how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs.

Goal of Economic Organisation

To determine how groups should organise and coordinate efforts to achieve maximum output.

Demand

The quantity of a good or service that consumers are willing, able and plan to buy at a given price during a given period of time.

Martin's Candy

A sweet shop used to illustrate demand, where on 10th of May the demand for chocolates was $20$ bars at a price of $Rs.\,50$ per bar.