Introduction
Task
Supply definition:
Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
Demand definition:
Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
Process
Activity:
1. Define the term demand in your own words
2. Define the term supply.
3. explain the law of demand
4. explain the law of supply.
5. Describe how the law of supply differs from the law of demand.
Evaluation
1. definition of demand (2) marks
2.Definition of a supply (2) marks
3. Law of demand (3) marks
4. Law of supply (3) marks
5. Differentiate between the laws. (4)
Conclusion
Make sure that you answered all the questions
Answer everything and then submit online
Your activity weighed 14 marks
Teacher Page
Teacher's details:
Name : Phila
Surname : Dwayi
Student Number : 219119317
Subject : ECONOMICS