Talk:Real income

"Nominal income and nominal GDP"?

I'm a bit confused by this. I admit that econ isn't my area of expertise, but aren't these the same thing at a macro level? I get that you can probably use the phrase "nominal income" a bit more broadly at micro level (household income and that), but clicking the link will take you straight to the article on a nominal income target (which is explicitly about NGDP targeting). I'm not going to edit the article because I feel its outside my area of competence, but I'm putting this here in the hope that someone with a better understanding of these things can clear it up. --Danfly (talk) 17:45, 8 August 2020 (UTC)

Per capita income

per capita income is a measure of the amount of money earned per person in a nation or geografic reason.@Satyam Pandey 2409:40C4:E6:67EF:8000:0:0:0 (talk) 12:06, 30 May 2024 (UTC)

DEMAND ANALYSIS

Meaning of Demand Analysis: Ordinarily, by demand is meant the desire or want for something. In economics, however demand means much more than that, it is effective demand i.e. the amount buyers are willing to purchase at a given price and over a given period of time. From managerial economics point of view, thus, the demand may be looked upon as follows: - Demand is the desire or want backed up by money. Demand means effective desire or want for a commodity, which is backed up by the ability (i.e. money or purchasing power) and willingness to pay for it. The demand does not mean simply the desire or even need for a commodity obviously, a buyer’s wish for the product without possessing money to buy it or unwillingness to pay a given price for it will not constitute a demand for it for example a beggar’s wish for a Bike will not constitute its potential demand, as he has no ability to pay for it. In short Demand = Desire + Ability to pay + Willingness to spend Demand Estimation and Demand Forecasting In Demand estimating manager attempts to quantify the links or relationship between the level of demand and the variables which are determinants to it and is generally used in designing pricing strategy of the firm. In demand estimation manager analyse the impact of future change in price on the quantity demanded. Firm can charge a price that the market will ready to wear to sell its product. Over estimation of demand may lead to an excessive price and lost sales whereas under estimates may lead to setting of low price resulting in reduced profits. In demand estimation data is collected for short period usually a year or less and analysed in relation to various variables to know the impact of each variables mainly the price on the demand behaviour of the customers. It is for a short period. In Demand forecasting mangers forecast the most likely future demand of a product so that he can make necessary arrangement for the various factor of production i.e labor, raw material, machines, money etc. Demand forecasting tells the expected level of demand at some future date on the basis of past and present information. It helped in production planning, new product development, capacity enhancement or new schemes etc. Demand forecasting is generally used @Satyam Pandey