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What determines the supply and demand of the factors of production?
Wiki User
∙ 10y ago
The demand for labor is a derived demand in that it depends on a company's decision to supply output in another market. This expansion in a market that has customers is the main factor in how much the demand for labor will increase.
Wiki User
∙ 10y ago
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What are the 3 factors of economic systems?
Demand-Production-Distribution/Supply
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 are the functions of price system?
1 It determines the allocation of scarce resources 2 It induce supply to respond to change in demand 3 It ration out scarce product 4 It indicate change in want 5 It is in use in the production of good and service 6 It determines the reward factors of production
Who determines prices?
supply and demand
What determines the prices of goods and services in the product market?
Supply and demand. Supply and demand determines the prices of goods and services in the market.
What are the 3 factors of economic systems?
Demand-Production-Distribution/Supply
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 are the functions of price system?
1 It determines the allocation of scarce resources 2 It induce supply to respond to change in demand 3 It ration out scarce product 4 It indicate change in want 5 It is in use in the production of good and service 6 It determines the reward factors of production
Who determines prices?
supply and demand
What determines the prices of goods and services in the product market?
Supply and demand. Supply and demand determines the prices of goods and services in the market.
What statement describe one major aspect of a command economy?
Supply and demand determines what will 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.
Who owns the factors of production in new zealand?
major businesses and people own it and runs it according to supply and demand
What determines the price of a stock?
the law of supply and demand
What is the basis of a market economy?
Supply And Demand is the basis of most activity in a market economy.
What factors cause the supply curve to shift?
Change in: production costs; production environment; price of related good; law; labour demand/price.
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
