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Demand and Supply are important concepts in Economics. In fact they form the foundations for the subject of Economics.
Demand is basically defined as the ability and willingness of a person to purchase a product in a particular time. On the other hand, Supply is the willingness and ability of a manufacturer or supplier to supply a good for sale in the market in a specific time frame.
Demand of goods depends on income, taste, prices, population, substitute products, complimentary goods etc.
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