Demand and supply in economics, is one the major concepts and unavoidable element of market economy. Demand for a good or service is that quantity of the good or service which purchases will be prepared to buy at a given price in a given period of time. So it is willing and power to purchase a commodity at a certain price. In economics Supply mean “an amount of a commodity or service, a seller is willing to sell is a certain price and time period.
In economics supply and demand are two basic concepts and backbone of market economy. In terms of economics supply means “an amount of a commodity or service which sellers are willing and able to sell at a given price during a given period of time”. While discussing the topic we should know the difference between stock and supply. Supply means the quantity of goods which sellers are willing to sell in market at a given price.
In economics, factor income, is the personal services can be rendered from factors of production. A labor receives his reward in from of wages and entrepreneur in the form of profit for the services rendered. So we can say the wages and profits are the incomes of the people who are working as a labor and entrepreneur respectively.
Utility is the power of a good or the service by which it can satisfy a human want. According to physics, matter can neither be produced nor destroyed. Therefore, what can produced and consumed is the utility. In terms of economics consumer demands only those products which have utility to satisfy his wants.
On June 3rd 2014 Federal Finance Minister, Senator Ishaq Dar presented the budget with an outlay of Rs. 3.8 trillion ($39.3 billion) for fiscal year 2014-2015 in the presence of Prime Minister Nawaz Sharif. Revenue estimated for the FY 2014-2015 Rs. 3.943 trillion. Current expenditures estimations for FY 2014-2015 Rs. 3.130 trillion
Capitalism may be defined as an economic system in which private persons are permitted (subject to regulations by the state) to establish factories, open mills, create banks and other business firms." It may be defined as, "It is a system in which all the means of production and sources of wealth are privatized or denationalized."
According to Recardian Theory of Rent, land is not uniform is quality and as population rises more and more marginal land must come into use. The high cost of producing on the most marginal last will decide the price of grain. The better land yielding a high return must earn economic rent.
There were many difficulties and inconveniences in the barter system, around the globe there was a need for accepted medium of exchange. With the passage of time many other types of money emerged for the purpose of exchange. Under commodity money, a large number of goods served as money. As metals were available from early times and were durable, portable and easily divisible therefore it got rapid popularity.