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The principle of "supply and demand". If the supply of a product is higher than the demand, the product is worth less due to its availability. Conversely, if the demand exceeds the supply, then the products is worth more due to its rarity.
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Which situation would reduce the scarcity of a product?
A foreign country begins exporting the product in high volume.
Differentiate joint product and by-product?
Joint products are two or more products manufactured simultaneously through the same process. The common manufacturing costs are called joint costs. Each product has a significant market value. Example - Gasoline and Kerosene are joint products of crude oil refining. On the other hand, a by-product has significantly lower sales value compared to the firm's main manufactured product. Therefore, it does not affect the decision to produce. Example - saw dust from lumber mills, bone from meat packing etc.
When making a choice between two things what is the one that you give up called?
In economics, the value of a forgone choice is called an "opportunity cost" because it represents a potential value that is lost, at least initially.There are several adjectives for things not chosen, including alternative, bypassed, forgone, deferred, or unpicked.
What is the part of speech of gross domestic product?
The term 'gross domestic product' is a compound noun, a noun made up of two or more words that form a noun with a meaning of its own.The noun 'gross domestic product' is a word for the total value of goods produced and services provided in a country during one year; a word for a thing.
What does ebb and flow system mean?
It means when you combine two things together ro make a plant and hydroponics.
What two things must an item have to have value?
Anything that many want but few have will have high value. Things that are difficult to make often have high value. But for something to have value it must have UTILITY.
What are two things that all plants contain?
Two things that all plants contain are chlorophyl and cells. Both of these features are part of how the plant will make its food and will ultimately provide the waste product of oxygen.
Find the product of face value of two 6 in 67862?
the face value of the two sixes is 6. and 6x6=36 and that is your answer
Are a factor and product the same?
they are two different things
What is the value of scalar product of two vectors A and B where value of vector A and B is not zero and vector product of two vectors A and B is not zero?
Scalar product = (magnitude of 'A') times (magnitude of 'B') times (cosine of the angle between 'A' and 'B')
What value is the product of (-310)(-267) in simplified form?
-43
What is the greatest possible value for the LCM of any two numbers?
Their product.
Why is the product of two absolute values is always a positive number?
This is not strictly true, because an absolute value, and hence the product of two absolute values can be zero. It is, therefore true to say that the product of two absolute values is always non-negative. An absolute value of a number is, by definition, non-negative. And by the definition of multiplication, the product of two non-negative numbers in non-negative.
Find two consecutive numbers with a product of 4160?
Find two consecutive numbers with the value of 4160
What does the math term 'product' mean?
the product is the answer to when you have to multiply two numbers together.The product is the result when things are multiplied together.
What is the product in 5 times 1 equals 5?
The product is 5 because the first two numbers being multiplied are the factors. When two factors are multiplied together, they make a product. Therefore, the product is five. (The factors are 1 and the first five.) To add to the above excellent answer, the "product" in any multiplication calculation is the final result which, in this case, is 5. Don't be confused by words. In this case, you have 5 things 1 time, or you have 1 thing 5 times...either way you have 5 things. You can call it a "product", a "result" or a basket of eggs, you still have 5 things. Think real things, not numbers or names, when you calculate or when you do mathematics.
What does product mean in math wise?
The product is the answer you get when you multiply two numbers. The two numbers are called factors. The number the factors make when you multiply them is called the product
