Price allocates goods and service by making sure that goods and/or services get to people that can afford and want them. High dollar items are sold where people actually would buy them.
Describe and explain how a rational consumer with a fiven income and taste can allocate his income among the available goods and services
The market supply curve shows the amount of goods/services produced at any given price. There is a direct relationship between output and price. That is, if the price of goods and services is high, then sellers will produce a large number of goods and services. Conversely, if the price of goods/services is low, then output will also be low.
it is when the price mechanism allocate products or services to people who willing to pay the most.
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
There are three basic economic questions answered by price. Who will buy the goods and services produced? What goods and services need to be produced? How should these goods and services be produced?
Describe and explain how a rational consumer with a fiven income and taste can allocate his income among the available goods and services
Money, goods & services
goods and services whether it may be anything price will be there for it
The market supply curve shows the amount of goods/services produced at any given price. There is a direct relationship between output and price. That is, if the price of goods and services is high, then sellers will produce a large number of goods and services. Conversely, if the price of goods/services is low, then output will also be low.
it is when the price mechanism allocate products or services to people who willing to pay the most.
PRICE
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
There are three basic economic questions answered by price. Who will buy the goods and services produced? What goods and services need to be produced? How should these goods and services be produced?
Rationing is a system to allocate goods and services without the use of prices. Rationing is when people receive a ration coupon that entitles them to a certain amount of a product.
Two elements of an agreement to sell is what the goods or services are and the price of the goods or services.
A barter system, where people trade their goods and services for other goods or services as opposed to trading goods and services for money.
A system of allocating scarce goods and services using criteria other than price is _____.