1. Define business and explain the classification of business. 2. What is national income? Explain the importance of national income. 3. Define demand and explain the types of dema... 1. Define business and explain the classification of business. 2. What is national income? Explain the importance of national income. 3. Define demand and explain the types of demand. What are the factors influencing demand? 4. Define the law of demand. Explain assumptions and exceptions of the law of demand. 5. Discuss demand forecasting methods in detail. 6. Define elasticity of demand. Explain different types of elasticity of demand. Read more

1. Business is the production and exchange for profit, classified as industrial, commercial, or service. 2. National income is the total production value, crucial for policy and growth analysis. 3. Demand is the desire and ability to pay for goods, influenced by price, income, etc. 4. The law of demand shows price-demand inverse relation, except for Giffen goods, etc. 5. Forecasting uses research, expert input, and models. 6. Elasticity measures demand sensitivity to price changes.

1. Business is defined as an economic activity involving the production and exchange of goods and services for profit. Businesses can be classified as industrial, commercial, or service-based.

2. National income is the total value of all goods and services produced in a country, reflecting economic health. It's important for policy making, understanding economic growth, and comparisons with other countries.

3. Demand is the willingness and ability of consumers to purchase a good or service at a given price. Types include joint, composite, short-run, and long-run demand. Factors include price, income, tastes, and expectations.

4. The law of demand states that as price decreases, quantity demanded increases, assuming ceteris paribus (all else equal). Exceptions include Giffen goods, status symbols, and expectations of further price changes.

5. Demand forecasting methods include market research, expert opinion, trend analysis, and econometric models.

6. Elasticity of demand measures responsiveness of quantity demanded to price changes. Types include price elasticity, income elasticity, and cross-price elasticity.