Economists sometimes describe output as being supply determined and other times describe it as being demand determined。 Briefly explain these terms mean and when each would be applicable。
It can actually be mentioned that the output is supply determined which means changes in supply is causing the alterations in output such as availability of labour and technology can get to shift the supply. If the output is demand determined that the changes in demand is causing the alterations in the increase in the consumer income, tax structure on the product etc
Economists sometimes describe output as being supply determined and other times describe it as being demand...