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What does the economy produce Whatever people are willing to buy?
Wiki User
∙ 11y ago
The concept of demand and supply comes into play in the economic arena when it comes to production and consumption pattern. The demand plays a crucial role and the break even is necessary in the economy. The demand curve always follows negative slope while the supply has a positive slope. The more the demand, the more would be the supply. So as we see that demand and supply are directly proportional and economy produces what people are willing to buy.
Wiki User
∙ 11y ago
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What factor influences economic decision-making in a traditional economy?
Customs and traditions.
What are the 5 fundamental questions in economics?
1.What does the economy produce? Whatever people are willing to buy. 2.How does the economy produce it? The most efficient/cheapest way. 3.Who gets the goods? Whoever wants it and can afford it. 4.How do we promote change? Through self-interested innovators and inventors. 5.How do we promote progress? Through self-interested entrepreneurs and politicians.
What is a system in which people can do whatever they want?
An economy
What type of economy is it when people decide what to produce how much of it to produce and how much to charge for the product?
Free/market economy
What role did the immigrants play in the economy?
Immigrants take on jobs that people born in the country are generally not willing to do. This helps expand the economy.
What is a system people use to produce good and services?
It's an economy
What is a system people use to produce good service?
It's an economy
When a government tells people what to produce how much to produce what price to charge and what wages to pay its an example of what?
a command economy.
Why does scarcity exist in an economy?
*there are not enough resources to produce everything people want*
Which group of people ultimately determines the products that a free enterprise economy produces?
Which group of people untimately determines the products that a free enterprise economy produce
What can you buy at a market?
You can buy in a market whatever the people in the market are willing to sell you. It depends entirely on the kind of market.
What do tuscarona people eat?
They ate food, of course. Whatever they could hunt or produce from the land.
