Economics Perspective
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Malthusian Theory of Population
This theory explains how population growth will happen from Malthus's point of view. The population grows in a geometrical way, which means population increases in 2, 4, 7, 12, 32, and 48. But the food production (or supply) increases arithmetically, which means in 2, 3, 4, 5, and 6
Law Of Demand
Inverse relationship between price and quantity is called the law of demand. When the price of the commodity increases. Demand for the commodity decreases; if the price of the commodity decreases, the demand for the commodity increases
Law Of Supply
law of supply describes a direct relationship between price and quantity. As the price of a commodity rises, producers are motivated by higher profits, and the price of the commodity rises. That's why they produce more
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