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How Market is made up off in Economics?
Market is made up of consumers where the element of product/service demand occurs. When the demand is generated suppliers have to fulfill the demand of the customers through the supply of product/service. In short demand and supply makes the market.
In a free market economy decisions are made according to what laws?
supply and demand
How the agreement between price and value is made?
The age old rule: Supply and demand.
How do consumers influence the U.S. economy?
Economics, in its simplest form, is all about supply and demand, and the basis for supply and demand is based on the consumer. The more the consumer buys, the more will be made, which impacts how many jobs there are, etc.
What good and services will produce and how will the produce?
The basic economic theory states that "When there is demand efforts will be made to satisfy this demand by virtue of supply." Now in an economic system the consumer dictates the demand and so the supply has to satisfy the demand.So the suppliers have to model their products and services which corresponds to demands of the consumers.
Why do shortages and surpluses exist for different games?
Supply and demand. The more a game is wanted, the faster it will sell. Assuming that all games have about 100 copies made, the popular titles, such as Call of Duty and Battlefield will sell quicker than third-party games.
How does the consumer influence what goods and services will be produced?
The basic economic theory states that "When there is demand efforts will be made to satisfy this demand by virtue of supply." Now in an economic system the consumer dictates the demand and so the supply has to satisfy the demand.So the suppliers have to model their products and services which corresponds to demands of the consumers.
Which economist made important contributions to the mathematics of analyzing supply and demand relationships in individual markets?
Alfred Marshall made significant contributions to the mathematics of analyzing supply and demand relationships in individual markets. His work in the late 19th and early 20th centuries introduced the concepts of price elasticity of demand and consumer surplus, providing a more rigorous mathematical framework for understanding market dynamics. Marshall's "Principles of Economics" laid the foundation for microeconomic analysis, emphasizing the equilibrium between supply and demand.
How did the Indian traditional handicrafts industries ruin after coming of british?
it created a new demand in the indian consumer market whic was now deprived of the supply of locally made goods this demand was profitably met by the increasing imports of cheap manufactured goods from britain consequently the ruind handicraft and artisans failed to find alternative employment the only choice open to them was to crowd into agriculture
When the price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal this is known as?
Supply & demand
Why was the supply of the British goods limited prior to 1814?
American goods were made of superior quality, and the demand for British goods was low.
How and why did Latin America grow economically independent?
Probably due to productivity, the more products are made, the higher the chances of supply and demand
