Unit 4: Organisations, Competition and Environment
Demand and Supply
What is Demand?
Demand can be best defined as the quantity of a good or service demanded by consumers at each price level. Demand is the willingness of the consumer to want and to pay for that good or service at that price level.
In a business to business market, the "consumer" can be another business.
What is Supply?
Supply can be best defined as the quantity of a good or service supplied by suppliers at each price level. Supply is the willingness of the supplier to supply and sell that good or service at that price level.
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