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Supply and demand
Anonymous
Dalilah Villarreal
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In a market system what determines how many goods and services an individual can buy?
The Price,Supply, and Demand.
What detemines the price and the quantity produced of goods?
Supply determines the price and quantity of produced goods.
What is the role of the price system?
In economics, a price system determines the allocation of scarce resources and induces supply to respond to change in demand. It also rations out scarce product, indicates change in want, is in use in the production of goods and services, and determines the reward factors of production.
What determines if a person buys normal or inferior goods?
The price, how informed the person is and the quality of the goods are the factors that determines whether a person will buy inferior or normal goods.
Since the free enterprise system guarantees that there will be competition in business what benefit does competition have for consumers?
Competition forces businesses to produce goods at a price people can afford-----(novanet)
Which of the following is not an advantage of the free enterprise system?
It allows the government to control the price of goods.----(novanet)
In a market system what determines how many goods and services an individual can buy?
The Price,Supply, and Demand.
What detemines the price and the quantity produced of goods?
Supply determines the price and quantity of produced goods.
What is the role of the price system?
In economics, a price system determines the allocation of scarce resources and induces supply to respond to change in demand. It also rations out scarce product, indicates change in want, is in use in the production of goods and services, and determines the reward factors of production.
What determines if a person buys normal or inferior goods?
The price, how informed the person is and the quality of the goods are the factors that determines whether a person will buy inferior or normal goods.
Since the free enterprise system guarantees that there will be competition in business what benefit does competition have for consumers?
Competition forces businesses to produce goods at a price people can afford-----(novanet)
What is the way a change in price determines whether or not consumers buy goods?
Law of demand
The price of a product is the amount of money exchanged for the good what determines the price of these goods?
The price of any product is determined by the laws of demand and supply.
How does the price system affect goods and services?
goods and services whether it may be anything price will be there for it
What is competition entrepreneurship private property price system?
free enterprise
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?
What determines the quantity of a good that sellers supply?
The demand of the consumer determines the quantity of goods a seller supplies. Supply and demand also affects market price.
