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What is in a free enterprise economy supply and demand affect the of a product?
Wiki User
∙ 8y ago
In a free enterprise system, when supply is low and demand is high, prices are higher, but when supply is high and and demand is low, prices are lower.
Wiki User
∙ 9y ago
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What is the consequences of consumer economic decisions in a free enterprise economy?
In a free enterprise economy, the consumer economic decisions can affect the price and supply of a commodity. When the consumers show interest in a product (demand), there will be an increase in the number of producers willing to supply it.
How does an increase in a products price affect demand for the demand for the product's complements?
It can affect demand because of individual low income earner.
What are two product changes that affect demand?
. Do changing demands affect production?
How does supply and demand affect the price of a product?
the higher the demand the higher the price.the lower the demand the lower the price.
Can economic decisions benefit consumers in a free enterprise economy than in a command economy?
Economic decisions can benefit consumers more so in a free enterprise economy rather than in a command economy. This is so due to the fact that the free enterprise economy focuses on production and distribution being privately owned. This also allows the ability to allow products and services to be on a supply and demand basis.
What is the consequences of consumer economic decisions in a free enterprise economy?
In a free enterprise economy, the consumer economic decisions can affect the price and supply of a commodity. When the consumers show interest in a product (demand), there will be an increase in the number of producers willing to supply it.
How does an increase in a products price affect demand for the demand for the product's complements?
It can affect demand because of individual low income earner.
What are two product changes that affect demand?
. Do changing demands affect production?
Can economic decisions benefit consumers in a free enterprise economy than in a command economy?
Economic decisions can benefit consumers more so in a free enterprise economy rather than in a command economy. This is so due to the fact that the free enterprise economy focuses on production and distribution being privately owned. This also allows the ability to allow products and services to be on a supply and demand basis.
How does supply and demand affect the price of a product?
the higher the demand the higher the price.the lower the demand the lower the price.
Which group ultimately determines the products that a free enterprise economy produces?
Demand. (See supply and demand models, graphed and discussed in any standard Economics textbook.)
What is supply and demand economy?
Supply is how much of the product an economy has. The demand is how much the people need the product. These two make the price. Let's say the supply is high and demand is low, the price would be low. If it was the other way around, price would be higher.
How did the baby affect the US economy?
Growing families increased the demand for products.
How did the baby affect the U.S. economy?
growing families increased demand for products
What role does the consumer play in a free enterprise economy?
a consumerism play very important role in our economy. he create a demand for consumer good , and if he demand then only the goods will produced by producer or business man ,and we know very well that aggregate demand and supply is one of the important part of our economy ,so consumerism play very important role in economy.
How is sugar cane produced and how does it affect the local and the global economy?
How it's produced:How it affects the local and global economy:It affects the local economy like any other (agricultural) product: the free market severely affects the demand on a local level, while the supply depends on the global demand for the product. Usually sugar cane is produced in low-standing economies where the price is heavily influenced by the demand for the product (which isn't 'fair', ethically speaking). However, from an economic perspective, it's efficient for the richer economies as it's damaging for the local economy.
How does law of demand affect the law of quantity?
It's a pretty basic concept learned in school. As more people demand a product, the availability of the product decreases. Therefore, causing the price of the product to increase with the demand.
