0
How can law of demand and supply help you in your economic life?
Wiki User
∙ 12y ago
As a consumer, the law of supply and demand affects our everyday life. The food we eat are subject to the same law, that at higher prices, producers are willing to offer more products for sale than at lower prices. We can only substitute the brand or prefer the lower price if there is no change in quality.
Wiki User
∙ 10y ago
Wiki User
∙ 15y agoWhere the lines for supply and demand converge for a particular item, determines the price and quantity supplied of that product.
Wiki User
∙ 12y agoAs i am a mbs student its quite hard to answer it but in our daily life we can decide about our our
Add your answer:
Earn +20 pts
Why scarcity is a basic fact of life according to economic theory?
Demand will always be greater than supply.
How can supply and demand of a material cause a material to become an ore?
it's not possible.
Which of the following explains why scarcity is a basic fact of life?
demand will always be greater than supply
Why scarcity is basic fact of life?
demand will always be greater then supply
How does supply and demand create markets?
The concept of supply and demand is one of the core foundations of economics (and is mostly applied in most of life's functions). In a nutshell, supply and demand is used for price determination in a market i.e. price will function to equalize the amount of something to be produced/serviced (supply) and the amount of something consumers intend to purchase.
Why scarcity is a basic fact of life according to economic theory?
Demand will always be greater than supply.
How can supply and demand of a material cause a material to become an ore?
it's not possible.
Which of the following explains why scarcity is a basic fact of life?
demand will always be greater than supply
Why scarcity is a basic fact of life?
demand will always be greater then supply
Why scarcity is basic fact of life?
demand will always be greater then supply
How does supply and demand create markets?
The concept of supply and demand is one of the core foundations of economics (and is mostly applied in most of life's functions). In a nutshell, supply and demand is used for price determination in a market i.e. price will function to equalize the amount of something to be produced/serviced (supply) and the amount of something consumers intend to purchase.
How does demand help determine supply?
its easy, when supply is increased, the price decreases. A decrease in price leads to an increase in demand. So technically supply creates its own demand. Supply function is not what is available for supply, it is clearly defined as "what is the quantity of goods that suppliers are willing to supply at each price". So even if a supplier has ample stock it does not mean it is the supply of that product . Technically supply is fixed by the producer or supplier who fixes it through their willingness. Thus supply is directly proportional to price. If price increases supply increases and vice versa. The logic behind this is if price goes up "having the cost of production at the same level" the profit margin increases. thus to earn more profit more quantity is supplied at high price and vice versa. Thus generally speaking supply cannot create its own demand unless the good is a perishable one which the supplier cannot have more shelf life and it has to come to market causing the price to decrease effecting in high demand.
How did call and affect the social and economic life in the south?
The demand for cotton affect the social and economic life of the South by creating a system of slave plantations, a rich aristocratic class which owned 90% of the slaves
What has the author Tom Kornstad written?
Tom Kornstad has written: 'Empirical life cycle models of labour supply and consumption' -- subject(s): Business cycles, Consumption (Economics), Econometric models, Human Life cycle, Labor supply, Life cycle, Human, Product life cycle, Supply and demand
Why are customers stakeholders?
The lifeblood of any endeavor is cash flow. Cash flow comes from customers wanting a product enough to pay for it. They may even depend on it to run their home, business or some other facet of their life. In Economic terms they are the demand part of the supply and demand dynamic. That makes them at least a 50% stakeholder in any enterprise.
Discuss the main demand and supply factors responsible for soaring food prices in the world in 2008 Suggest two possible strategies that may help to ease the world food crisis?
Increase in food supply lol and a decrese of human life (population [<<< tht was for all them dumb people out there :D])
What are factors responsible for the scarcity of water?
Climate, relief , geology, demographics (where the demand is), quality of life and maybe the economic state or an area/country
