What does preceded mean in economics?

In the context of economic growth preceded means the period of time between when an economy reaches a certain level of development and when it reaches a higher level of development. In other words, the period of economic growth that an economy goes through before reaching a higher level of development.

What is preceded by an increase in demand?

An increase in demand is a situation in which more goods are purchased by consumers than before. An example of this is when the number of cars on the road increases. If there are more cars, that implies that more people need to drive them. This increased demand for transportation leads to an increase in the price of gasoline. Rising demand for goods and increasing prices are two factors that contribute to a rise in inflation.

What is preceded in economics?

When someone says something was preceded in time, they are making a historical claim. They are saying that something happened before the given time period. When something is said to be “preceded” by something else, it implies that the first event came into being before the second event.

What precedes demand?

A key factor that determines the level of demand in an economy is the available supply of goods and services. If you are the only person in the world who is interested in buying a product, you have no choice but to purchase it at the current market price. If there are ten other people interested in purchasing the same product, though, your consumer demand will decrease to match the available supply. Product demand is directly related to the number of potential buyers.

What precedes consumption?

When we say that something occurs before consumption, it means that it happens before the consumer receives the good or service. For example, consumption of food is preceded by growing of the plant, harvesting of the produce, transportation, storage, and marketing. Anything that happens before the consumer receives the final good or service is called “preceding.” Thus, in the food production and supply process, production is the preceding activity, while distribution and marketing are subsequent activities.