INDIVIDUAL DEMAND: is the demand of one individual or firm. It represents the quantity of a good that a single consumer would buy at a specific price at a specific point in time.
MARKET DEMAND: provides the total quantity demanded by all consumers. In other words, it represents the aggregate of all two basic types of market demand i.e. Primary (total demand for all the brands that represent a given product or service) and Selective (the demand for one particular brand of product or service)
CONSUMPTION: refers to part of income spent on consumption goods.
SAVING is part of income that is not consumed. It refers to the part of income that is devoted to future consumption.
INVESTMENT: refers to the addition to capital stock.
VARIABLE: is something whose magnitude or quantity can change over a specified time period under consideration
ENDOGENOUS VARIABLES: are those variables whose values are determined from within the model e.g. Demand, supply.
EXOGENOUS VARIABLES: are those whose values are determined by external forces e.g. Prices, export
FLOW VARIABLE: is a quantity that can be measured in terms of specified period of time e.g. Demand and supply schedules
STOCK VARIABLE: is a quantity that can be measured at a specified point in time e.g. Supply of a commodity available.
SAVING: occurs over a unit of time, it is a flow concept.
SAVINGS: is an amount accumulated at a point in time, it is a stock concept
MARKET DEMAND: provides the total quantity demanded by all consumers. In other words, it represents the aggregate of all two basic types of market demand i.e. Primary (total demand for all the brands that represent a given product or service) and Selective (the demand for one particular brand of product or service)
CONSUMPTION: refers to part of income spent on consumption goods.
SAVING is part of income that is not consumed. It refers to the part of income that is devoted to future consumption.
INVESTMENT: refers to the addition to capital stock.
VARIABLE: is something whose magnitude or quantity can change over a specified time period under consideration
ENDOGENOUS VARIABLES: are those variables whose values are determined from within the model e.g. Demand, supply.
EXOGENOUS VARIABLES: are those whose values are determined by external forces e.g. Prices, export
FLOW VARIABLE: is a quantity that can be measured in terms of specified period of time e.g. Demand and supply schedules
STOCK VARIABLE: is a quantity that can be measured at a specified point in time e.g. Supply of a commodity available.
SAVING: occurs over a unit of time, it is a flow concept.
SAVINGS: is an amount accumulated at a point in time, it is a stock concept
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