Write a short conclusion on Supply.
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ans:- In this course, we've discussed fundamental concepts in economics - supply and demand. Hopefully the forces that cause changes in supply and demand aren't mysterious anymore. Let's recap.
The law of demand describes the behavior of buyers. In general, people will demand - that is buy - more of a good or service at lower prices than at higher prices. When this relationship is graphed, the result is a demand curve.
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A change in price results in movement along the demand curve from one point to another and is called a change in the quantity demanded. When other factors in the market change, the demand curve shifts to the left or the right. This is a change in demand.
The law of demand describes the behavior of buyers. In general, people will demand - that is buy - more of a good or service at lower prices than at higher prices. When this relationship is graphed, the result is a demand curve.
thank you
A change in price results in movement along the demand curve from one point to another and is called a change in the quantity demanded. When other factors in the market change, the demand curve shifts to the left or the right. This is a change in demand.
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Hi mates here is your answer
We hope that this tutorial has given you some insight to the economy and the. Let's recap what we've learned in this tutorial:
Economics is best described as the study of humans behaving in response to having only limited resources to fulfill unlimited wants and needs.
Scarcity refers to the limited resources in an economy. Macroeconomics is the study of the economy as a whole. Microeconomics analyzes the individual people and companies that make up the greater economy.
The Production Possibility Frontier (PPF)allows us to determine how an economy can allocate its resources in order to achieve optimal output. Knowing this will lead countries to specialize and trade products amongst each other rather than each producing all the products it needs.
Demand and supply refer to the relationship price has with the quantity consumers demand and the quantity supplied by producers. As price increases, quantity demanded decreases and quantity supplied increases.
Elasticity tells us how much quantity demanded or supplied changes when there is a change in price. The more the quantity changes, the more elastic the good or service. Products whose quantity supplied or demanded does not change much with a change in price are considered inelastic.
Hope its help you
We hope that this tutorial has given you some insight to the economy and the. Let's recap what we've learned in this tutorial:
Economics is best described as the study of humans behaving in response to having only limited resources to fulfill unlimited wants and needs.
Scarcity refers to the limited resources in an economy. Macroeconomics is the study of the economy as a whole. Microeconomics analyzes the individual people and companies that make up the greater economy.
The Production Possibility Frontier (PPF)allows us to determine how an economy can allocate its resources in order to achieve optimal output. Knowing this will lead countries to specialize and trade products amongst each other rather than each producing all the products it needs.
Demand and supply refer to the relationship price has with the quantity consumers demand and the quantity supplied by producers. As price increases, quantity demanded decreases and quantity supplied increases.
Elasticity tells us how much quantity demanded or supplied changes when there is a change in price. The more the quantity changes, the more elastic the good or service. Products whose quantity supplied or demanded does not change much with a change in price are considered inelastic.
Hope its help you
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