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In the law of supply and demand, the first to start is the demand as customers are wanting the particular service or product that is being offered.
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∙ 9y ago
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Why does law of demand and law of supply conflict with each other?
It's the law of supply and demand, as described by Adam Smith in his book "The Wealth Of Nations". Just one law, no conflict.
What is one reason for regional wage differences?
The law of supply and demand.
What is one of the major factors determining the level of wages?
The law of supply and demand.
Why are prices generally higher for products that are scarce?
One word: Demand. Do some research on the "Law of Supply and Demand".
Which of the following is one of the major factors determining the level of wages?
The Law of Supply and Demand.
How does law and supply and demand operate?
Basically, when demand is higher than supply, prices increase. When supply is higher than demand, prices decrease. If there's a lot of something, but no one wants it, that item will be cheap. If there are only a few of something that a lot of people want, it will be expensive.
What are the Keynes' critiques on classical economics?
One of the main critiques is on say's law, which is that supply creates its own demand. In a nutshell Keynes was able to explain the great depression by saying that demand creates supply. This is extremely simplified.
Why are things so expensive when first released?
because every one wants one and they are so limited as far as supply goes so same old story. supply and demand its the law in the marketing world.
What is the one price system?
Supply and Demand
How does the law of supply and demand opperate?
Think of Supply and Demand as two weights at opposite ends of a seesaw. When Supply is the heaviest the value of the item will go lower. When Demand is the heaviest the value of item will go higher. This is how all markets work.
What is the explanation for the law of supply and demand?
How many shoes a company has and how many people want the shoes is demand. When the company has more than enough shoes, the supply is larger than the demand so the price is lower. When there aren't enough shoes, the demand is higher so the price is lower. For example, if there is only one dollar in the entire country, one person would be rich because they have all of the money. But if there was one trillion dollars, money would have less value because one dollar would only be 1/1,000,000,000,000th of all of the money.
What is principles of price?
it has to do with supply and demand. if the consumer (which is people like us who buy product off of the shelf of wal-mart or target or the grocery stores) buys alot of this product then the demand is very high. the manufacturers have to make more supply and will raise the price because people are buying it. if no one starts buying the item at the stores then the price will go down because the supply has went up and the demand has went down.
