Transcription of ECONOMIC BUSINESS ENVIRONMENT - ICSI
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ECONOMIC BUSINESS ENVIRONMENT - ICSI
ECONOMIC &BUSINESSENVIRONMENTC hapter1 Basics of Demand andSupply and Forms ofMarket Competition12 National IncomeAccounting and RelatedConcepts223 Indian Union Budget394 Indian Financial Markets515 Indian Economy886 Entrepreneurship Scenario1087 BUSINESS Environment1208 Key GovernmentInstitutions136 Lesson 1 BASICS OF DEMANDANDSUPPLYAND FORMSOFMARKETCOMPETITION1 ECONOMIC & BUSINESS Environment2 THEORY OF DEMAND AND SUPPLYM eaning of DemandDemand is an ECONOMIC principle referring to a consumer's desire to purchase goods and servicesand willingness to pay a price for a specific good or of DemandAccording to the law of demand, other things being equal, if price of a commodity falls, the quantitydemanded of it will rise, and if price of the commodity rises, its quantity demanded will decline.
There are major three types of elasticity of demand, i.e. Price elasticity; Income elasticity and Cross elasticity. However, this lesson focuses only on pri ce elasticity of demand. Price Elasticity of Demand The price elasticity of demand is the response of the quantity demanded to change in the price of a commodity.
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