Final answer:
The major concept of Immediate Competing Demands and Preferences explains the interaction between supply and demand in a market. It involves the competing forces of Immediate Competing Demands and Immediate Competing Preferences.
Step-by-step explanation:
The major concept of Immediate Competing Demands and Preferences is related to the interaction between supply and demand in a market. Under this concept, there are two competing forces:
- Immediate Competing Demands: This refers to the various demands that consumers have for different products in the market, leading to competition between producers to fulfill those demands. For example, if there is a high demand for smartphones, different companies will compete to provide the best product at the best price.
- Immediate Competing Preferences: This refers to the different preferences and choices that consumers have for similar products. For instance, consumers may have different preferences for the brand, design, or features of smartphones, leading to competition between producers to cater to those different preferences.