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CBSE - Economics(Deficient Demand and Excess Demand - Inflationary gap)
Inflationary gap is the measure of excess demand where total spending is sufficient enough to buy all the goods produced with full employment. |
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CBSE - Economics(Deficient Demand and Excess Demand - Excess Demand)
Excess Demand can be defined as something when aggregate demand is in excess of aggregate supply in a full employment situation in an economy. |
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CBSE - Economics(Measures to Correct Deficient and Excess Demand)
Deficient and Excess Demand creates cyclical fluctuations in an economy.The measures taken to correct this type of Demand are fiscal policy and monetary policy. |
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Relatively Elastic Demand
A small change in a price of a commodity causes a relatively more change in the quantity demanded. |
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Market Demand Schedule
The market demand schedule isa table that shows the relationship between the price of the good and the quantity demanded. |
