Money is anything that is generally accepted as a means of payment for goods and services.
Money is used to buy and sell goods and services.
Example: Using ₹100 to buy a notebook.
Definition:PES measures how much the quantity supplied changes when the price changes.
Formula:
PES = % change in quantity supplied ÷ % change in price
Example:
Price increases by 10%
Supply increases by 20%
Definition:
Price Elasticity of Demand measures how much the quantity demanded of a product changes when its price changes.
Demand is the quantity of a good or service that consumers are willing and able to buy at different prices over a given period.
Law of Demand: As the price increases, demand decreases. As the price decreases, demand increases (assuming other factors remain constant).
Factors affecting demand:
Price of the product
Consumer income
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