0
guilds
What else can I help you with?
Who governed prices of goods and wages in towns.?
Guilds
What word is governed prices of goods and wages in towns?
Guilds
Who governed prices and wages in towns?
Guilds
Who was a Roman emperor who orders prices and wages frozen?
DiocletianThe emperor Diocletian issued the Edict of Maximum Prices, which set a ceiling for the prices of goods. He did not freeze wages.
Why does globalization lead to a reduction in prices for goods and services?
Competition for jobs drives down wages, which helps companies lower their prices.
What is it called when prices of goods and wages are established by the forces of supply and demand?
free market, laissez-faire
When firms begin to pay higher wages to keep their current employees and attract new employees what happens as a result of the increased wages?
Prices of goods and services increase, leading to an economic slowdown.
What was the rise of consumerism aided by?
the answer is to lower prices for manufactured goods
According to Adam smith how should wages and prices be regulated?
Adam Smith believed that wages and prices should be regulated by the forces of supply and demand in a free market economy. He argued that competition among employers and workers would naturally adjust wages and prices to levels that reflect the true value of goods and services. This concept is known as the invisible hand of the market.
An increase in the supply of labor will?
In a free-market an increase in the supply of labor will reduce wages and increase unemployment. It will also lower the price of produced goods as wages decrease. This effect is complicated by minimum wage laws. If wages cannot decrease due to legislation the effect will simply be an increase in unemployment and prices in the short run will remain static. If the population increase is significant it is possible for the price of goods to increase due to the increased demand for consumer goods.
How does inflation impact the increase in wages?
Inflation can impact the increase in wages by reducing the purchasing power of the money earned. When prices rise due to inflation, wages may need to increase to keep up with the higher cost of living. However, if wages do not increase at the same rate as inflation, workers may find that their real wages, or the amount of goods and services they can buy with their income, decrease.
What does profit labor and wages have to do with producers and consumers?
Profit, labor, and wages are fundamental to the relationship between producers and consumers in an economy. Producers create goods and services, relying on labor, which is compensated through wages. The profits generated from selling these goods and services can influence producers' decisions on how much to invest in production, affecting supply. Consumers, in turn, drive demand for these products, influencing prices and the overall market dynamics, ultimately impacting both wages and profits.
