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How does demand help societies determine what how and for whom to produce?
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How does price help to connect the availability of goods to the demand for goods?
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
Relevance of Income elasticity of demand?
-determine the nature of the commodity -it can be applied in the intersection of marked demand and supply of commodities -help firms to respond to changing economic situations.
Importance of cross elasticity of demand?
Cross elasticity of demand is sometimes written as XED. In business the cross elasticity of demand is important because it will help determine whether or not it is a good move to increase or decrease prices or to substitute one product for another for the purpose of revenue.
What are the three characteristics of a supply curve?
The three characteristics of a supply curve are the slope, shift, and the curve's position. Together they help determine supply and demand trends.
Why is supply and demand important in capitalism?
For someone who's venturing into entrepreneurship, knowledge of the law of supply and demand would be of great help in decision making in terms of investing and allocating capital. An understanding on this principle also help to map out operational or strategic plans of a particular business.
How does price help to connect the availability of goods to the demand for goods?
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
Relevance of Income elasticity of demand?
-determine the nature of the commodity -it can be applied in the intersection of marked demand and supply of commodities -help firms to respond to changing economic situations.
Significance of elasticity of demand?
Elasticity of demand will help managers determine what behaviors affect customer's buying behavior. Price elasticity will tell managers whether they can change the price of products or not.
Importance of cross elasticity of demand?
Cross elasticity of demand is sometimes written as XED. In business the cross elasticity of demand is important because it will help determine whether or not it is a good move to increase or decrease prices or to substitute one product for another for the purpose of revenue.
What are the three characteristics of a supply curve?
The three characteristics of a supply curve are the slope, shift, and the curve's position. Together they help determine supply and demand trends.
Why do agricultural student study sociology?
so that they will be able to know and deal with starvation experienced by societies in the world and help this societies to come up with strategies to help themselves
How information gives you competitive advantage?
Information gives you competitive advantage over others . For instance, this will help in making informed decisions in what to produce as a result of the demand information you may have.
What are specific examples of complex societies in Mesopotamia?
help them live
Did Vikings help build societies?
well, sort of, if you thing about it, vikings help build violence
What the role of customers as partial employees?
Customer's buying behaviors signal to the company what is in demand and what isn't. They also help the business determine what aspects of customer service is most effective and what isn't working.
What are the need for demand?
with help of biotechnology we can fulfill the needs of humanbeins so there is a huge demand
Finding lost accounts in burnley building society?
The Building Societies Association can help individuals find the lost accounts in the Burnley Building Society. The Building Society Association can compel the society to produce the master copy.?æ
