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In economics what does the term market and refer to?
The system of exchanging goods. A+
Why do Economist use the term demand to refer to what?
Economists use the term demand to refer to a schedule of various combinations of market prices and amounts demanded.
What does the term 'allocative efficiency' refer to?
Allocative efficiency is the concept in economics where manufacturers and service providers only produce those goods and services which are in high demand and the most desirable to the consumer.
What factors contribute to the long-term demand for durable goods in the field of economics"?
Factors that contribute to the long-term demand for durable goods in economics include consumer preferences, income levels, interest rates, technological advancements, and overall economic conditions.
How do people demand goods and services?
When economists refer to the demand for goods and services, what they mean is, what goods and services are people buying. People demand things by buying them. If you demand to have things given to your for free, that is politics rather than economics.
In economics what does the term market and refer to?
The system of exchanging goods. A+
Why do Economist use the term demand to refer to what?
Economists use the term demand to refer to a schedule of various combinations of market prices and amounts demanded.
What does the term 'allocative efficiency' refer to?
Allocative efficiency is the concept in economics where manufacturers and service providers only produce those goods and services which are in high demand and the most desirable to the consumer.
What is the Difference between decrease in demand and contraction in demand?
if demand falls due to change in price of commodity its terms in Economics as contraction in demand, and if demand falls due to other reasons its term decrease in demand...
What factors contribute to the long-term demand for durable goods in the field of economics"?
Factors that contribute to the long-term demand for durable goods in economics include consumer preferences, income levels, interest rates, technological advancements, and overall economic conditions.
How do people demand goods and services?
When economists refer to the demand for goods and services, what they mean is, what goods and services are people buying. People demand things by buying them. If you demand to have things given to your for free, that is politics rather than economics.
In economics what does the term marketplace '' refer to?
Any place where consumers and producers buy and sell goods and services
What are importance of elasticity of demand in economics?
Importance of elasticity in economics
Law of economics?
Supply and demand.
What are the tools of economics?
demand and supply
Economics is contolled by what?
Demand and supply.
What is the science that manages limited resources in demand?
economics
