Supply and demand are the two most important concepts in microeconomics. They refer to the amount of a good or service that is available (supply) and the amount of people who want to buy it (demand). The price of a good or service is determined by how much of it is available and how many … Read more
What is a functional product? A functional product is a product that has been designed to perform a specific function or functions. Functional products are often seen in industries such as manufacturing, where they are used to perform tasks such as assembly, testing and inspection. What is an innovative product? An innovative product is a … Read more
