Late comers advantage

 Late comers advantage is an economic theory that indicates when any country comes in economics activities like new industrialisation in late compared to first stage innovative developed country gains more economic benefit from developed country. This phenomena is called late commer advantage.

In an industrialisation first world country suffers some technological problem,  raw materials imports,  skilled labour as well as product market acceptance. 

But after a certain period when developed country make these complexity easier,  then entering developing country in this industrialisation turns easier and beneficial. That is late comer advantage. 

Demand

 Demand is the want of customers for a specific product in market. Highest demand indicates highest need. 

Demand of product increases the supply of the product. 

For a specific types of product demand controls the price, even price also determines demand. 

Highest price lowers the demand.  But in some case highest price increases the demand.  Dress and cloths demand increases with price. 

Demand also depends on socioeconomic structure.  In a roral area a car have no demand. 

Product demand creates on its satisfying need.  In desert there may have no any demand of umbrella because there have no rain. 

Utility

 Utility is the properties of goods for which purchaser willing to pay to purchase the product.

The properties of goods that can satisfy the customer need. 

For, example the property of any laxative is to cure constipation. Hence,  it is the utility of the product.

Inflation

 Inflation is an economic conditions when actual value of unit money declines from its original value. 

Increased number of amount of money that you have to count for different products purchasing is from previous is calculated as inflation.

Economic bubble could not be indicates as inflation. Bubble economy is an false expansion of specific product price,  that exactly have no such value. 

Inflation causes nationwide by increasing expanse of daily living cost. 

Due to inflation purchase value increases. 

Demand and supply

 Demand is the want or need of customers to a specific product to purchase. 

On the other hand supply is the production of product for selling. 

Two conception is an opposite manner. 

How much the product price will be set up depends on demand and supply. 

Sometimes Based on demand and supply product price increases and decreases.