Write a Short Note on the Expert Opinion Method of Demand

question 4

Essay

Write a short note on the expert opinion method of demand forecasting.

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Definitions:

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar but differentiated.

Invisible Hand Concept

A term coined by Adam Smith describing the self-regulating nature of the marketplace, where individuals pursuing their self-interest unwittingly contribute to the economic wellbeing of society.

Economic Prosperity

A state where individuals and societies enjoy high standards of living, demonstrating growth in wealth and resources.

Competitive Market Prices

Prices determined by the supply and demand in a market where many buyers and sellers exist and no single entity controls the market price.