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it was 8 slaves for 2.45 pounds of solid gold
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∙ 13y ago
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How did the kings of Ghana use the law of supply and demand to their advantage?
They limited the amount of gold available for trade, increasing its value.
Who decides the gold price?
Demand and supply of gold in market.
How is today's gold prices increase or decrease?
as with any product, prices will fluctuate with demand and supply. if the demand increases or supply is reduced, prices will rise. if demand falls or there surplus supply, the opposite also occurs.
What gives gold its value?
The result of supply and demand. The 1st is low, the second high
Why is silver price dropping?
The prive of silver id droppig because the demand for gold is much higher. People now a days are more interested in gold, making gold more expensive and silvwer less expensive. It's the principle of supply and demand. When the supply of something[ in this case silver] becomes higher the demand[ the price] is lower. Marie-Claire
How did the kings of Ghana use the law of supply and demand to their advantage?
They limited the amount of gold available for trade, increasing its value.
Who decides the gold price?
Demand and supply of gold in market.
When will gold's price reach equalibrium?
Through a function of the economic principles of Supply and Demand - prices change depending on the desire for the item, and the supply of the item. Gold, specifically, may reach an equalibrium when the demand for gold lessens, or the supply for Gold increases.
Why is gold so much money?
As with any other commodity, price is determined by supply and demand. Gold has a relatively low supply with high demand, which causes the price to rise.
How did countries react to the demand to convert paper money into gold?
The demand to convert paper money into gold was a demand beyond what the treasuries of countries could supply.
How is today's gold prices increase or decrease?
as with any product, prices will fluctuate with demand and supply. if the demand increases or supply is reduced, prices will rise. if demand falls or there surplus supply, the opposite also occurs.
Who set the price for gold?
Everyone. Gold has no set price, just a market price based on supply and demand. It has to do with the cost of production (Finding it) and the demand. Price is always high, as it is a scarce resource. When we run out of its supply, the demand will increase and the price will increase majorly.
What gives gold its value?
The result of supply and demand. The 1st is low, the second high
Did Nigeria supply Ghana electricity?
no and never in 2015, ghana will supply nigeria with electricity
Why is silver price dropping?
The prive of silver id droppig because the demand for gold is much higher. People now a days are more interested in gold, making gold more expensive and silvwer less expensive. It's the principle of supply and demand. When the supply of something[ in this case silver] becomes higher the demand[ the price] is lower. Marie-Claire
What made it possible for mali to break away from Ghana in 1076 ad?
The gold supply and trade routes shifted eastward.
How do high demand and low supply of gold create its high value?
Gold is used in jewellery, technology and as an investment. Many people want it (demand) which ups the price. Gold needs to be mined from the ground and comes in different purities. This means that supply is slow and low, which also drives up the price.
