0
Since price of a good is determined where demand meets supply, it means that for the price, the optimum amount of goods are produced and consumed, making sure that everybody who has the demand for the good (willing able able to pay for it) can have that good.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What was Adam Smith's ideas serve as the basis for what type of economic system?
adoptedwrong^itscapitalism
What is a private enterprise system enterprise system?
THE PRIVATE ENTERPRISE SYSTEM an economic system that rewards firms for their ability to identify and serve the needs and demands of customers. Another name of it is Capitalism.
What is the economics system that rewards firms for their ability to perceive and serve the needs and demand of consumers?
Private Enterprise
Private enterprise system?
Contemporary Business, 2009 Update by Boone & Kurtz, defines the private enterprise system as "an economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers".
Because prices serve as incentives in market economy What will be large increase in price of a good?
People would consume less of the good and look for substitutes. (study islands)
Does life have a price?
Yes, life has a price. Nothing is for free. The price is to serve God in this world.
What is the system of the government?
The system of government in the United States is a democratic, constitutional republic. Outlined in the U.S. Constitution there are three branches of government; the Executive, the Legislative and the Judicial. Each branch of government has certain constitutional authorities and powers. The powers of each branch serve as a mechanism for "checks and balances" which empowers the American Democracy.
How do prices transmit information?
Prices in a market economy convey information about supply and demand conditions. When a product becomes scarcer, its price tends to rise, signaling to producers to increase production. Conversely, when a product becomes abundant, its price tends to fall, signaling to producers to reduce production. In this way, prices serve as a mechanism for allocating resources efficiently in an economy.
What is system of government?
The system of government in the United States is a democratic, constitutional republic. Outlined in the U.S. Constitution there are three branches of government; the Executive, the Legislative and the Judicial. Each branch of government has certain constitutional authorities and powers. The powers of each branch serve as a mechanism for "checks and balances" which empowers the American Democracy.
What should a presentation serve as?
A presentation should serve as how a given system operates or works.
What function did the ziggurat serve?
Irrigation system
What is the aim of McDonald's?
To serve customers quality, fresh food, at a cheap price.
What is the difference between wi fi and internet?
Wi-Fi or Wifi, is a mechanism for wirelessly connecting electronic devices while the Internetis a global system of interconnected computer networks that use the standard Internet protocol suite (TCP/IP) to serve billions of users worldwide.
Does albumin serve in immune system function?
role of albumin in immuno system
What factors that influence the effectiveness of informal team when working in health and social care?
Personality and team-level effectiveness serve as a critical linking mechanism.
What does a coin mechanism do?
The most common coin mechanism would be in a vending machine, and it would serve the function of detecting the coins that are inserted into it, and activating the vending machine (or in laundromats, the washing machine or dryer) to dispense the desired product (or to activate the washing or the drying).
Which elected officials can serve unlimited terms?
Judicial System
