Question

What is the basis for the demand or need for the goods/service to be produced the project

Answer 1

The demand for a good or service is based on the desire and willingness of consumers to purchase it. Consumers may have a need or want for a particular good or service for a variety of reasons, such as the ability of the product to satisfy a specific need or desire, its perceived value or usefulness, or its availability and accessibility.

Factors that can influence the demand for a good or service include the consumer's income and disposable income, the price of the product, the consumer's preferences and tastes, the consumer's expectations about the future, and the consumer's perception of the product's quality and reliability.

Supply, on the other hand, refers to the quantity of a good or service that is available for sale at a particular price. The relationship between demand and supply determines the price of a product and the quantity of it that will be produced and sold. If demand for a product is high and supply is low, the price of the product will tend to increase. Conversely, if demand is low and supply is high, the price of the product will tend to decrease.

In summary, the demand for a good or service is driven by the needs and wants of consumers, while the supply of a good or service is determined by the availability and willingness of producers to produce and sell it. The interplay between demand and supply determines the price and quantity of a product that is produced and sold in the market.

Answer 2

Step-by-step explanation:

The demand or need for a particular good or service is based on the wants and needs of consumers. When people have a need or want for a particular product or service, they will be willing to pay for it, which creates demand. This demand can be driven by a variety of factors, such as changes in consumer preferences, population growth, economic conditions, and technological advances.

In order for a project to be successful, it is important to understand the basis for the demand for the goods or services being produced. This may involve conducting market research to determine the needs and preferences of consumers, as well as analyzing trends in the industry and the competitive landscape. Understanding the demand for the goods or services being produced can help inform the development of the project and help ensure that it meets the needs of consumers.