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How consumer allocate their incomes across goods?
Describe and explain how a rational consumer with a fiven income and taste can allocate his income among the available goods and services
The market supply curve is?
The market supply curve shows the amount of goods/services produced at any given price. There is a direct relationship between output and price. That is, if the price of goods and services is high, then sellers will produce a large number of goods and services. Conversely, if the price of goods/services is low, then output will also be low.
Why are all goods and services scarce in the economy?
Goods and services are scarce in the economy because there are limited resources available to produce them, and the demand for these goods and services exceeds the available supply. This scarcity forces individuals and businesses to make choices about how to allocate resources efficiently.
What is a rationing devices?
it is when the price mechanism allocate products or services to people who willing to pay the most.
Factors that influence consumer demand for goods and services?
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
How consumer allocate their incomes across goods?
Describe and explain how a rational consumer with a fiven income and taste can allocate his income among the available goods and services
How does the price system affect goods and services?
goods and services whether it may be anything price will be there for it
What are the 2 basic natural resources that economic systems allocate?
Money, goods & services
The market supply curve is?
The market supply curve shows the amount of goods/services produced at any given price. There is a direct relationship between output and price. That is, if the price of goods and services is high, then sellers will produce a large number of goods and services. Conversely, if the price of goods/services is low, then output will also be low.
Why are all goods and services scarce in the economy?
Goods and services are scarce in the economy because there are limited resources available to produce them, and the demand for these goods and services exceeds the available supply. This scarcity forces individuals and businesses to make choices about how to allocate resources efficiently.
What is a rationing devices?
it is when the price mechanism allocate products or services to people who willing to pay the most.
What generates a demand for goods and services?
PRICE
Factors that influence consumer demand for goods and services?
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
Price determines the answers to the three basic economic questions?
There are three basic economic questions answered by price. Who will buy the goods and services produced? What goods and services need to be produced? How should these goods and services be produced?
Essential element of agreement to sell?
Two elements of an agreement to sell is what the goods or services are and the price of the goods or services.
Why Explain in your own words how the terms rationing and price are related?
Rationing is a system to allocate goods and services without the use of prices. Rationing is when people receive a ration coupon that entitles them to a certain amount of a product.
What is a system of allocating scarce goods and services using criteria other than price called?
A barter system, where people trade their goods and services for other goods or services as opposed to trading goods and services for money.
