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Supply and Demand
Supply and Demand is an economic model that helps create a competitive market place. It consist of a set of four basic laws.
467 Questions
How do you write a acrostic poem on the word supply and demand?
To write an acrostic poem on the word "supply and demand," start by writing the word vertically down the left side of your page. Then, for each letter, think of a word or phrase related to supply and demand that starts with that letter. For example, for "S" you could write "scarcity," for "U" you could write "utility," and so on. Finally, arrange these words or phrases into a poem format, making sure they flow cohesively and convey a message about the concept of supply and demand.
What is the supply of something to be used as needed called?
Well, darling, that would be called a "stockpile." It's basically a fancy term for keeping a bunch of stuff on hand for whenever you might need it. So next time you're hoarding all those extra rolls of toilet paper, just tell everyone you're building your very own stockpile.
What happens if there's too much supply and not enough demand?
When there is an excess supply and insufficient demand in a market, it typically leads to a surplus of goods or services. This surplus can result in lower prices as producers try to sell off their excess inventory. In the long run, this imbalance can also lead to decreased production and potential layoffs as companies adjust to the lower demand. Overall, it can disrupt the equilibrium in the market and impact both producers and consumers.
What are two economic responsibilities of parents?
Two economic responsibilities of parents include providing for the basic needs of their children, such as food, shelter, and clothing, and ensuring their children have access to education and healthcare. Parents are also responsible for teaching their children financial literacy and the value of money, as well as instilling good saving and spending habits.
What happens when you supply only 120V to a 240V motor?
No. If you go to a motor supplier's web page such as Grainger's you can see for yourself. I looked up a 1HP good quality 115/230V motor: 115V @ 13.4A = 1541 watts 230V @ 6.7A = 1541 watts. The power consumed is the same no matter which voltage is used. This makes sense, since the watts do the work. To get the same 1HP from the motor, on either voltage, the watts (power consumed) must stay the same. Interestingly, in a perfect, lossless world, 1HP = 746 watts. So my example motor is less than50% efficient. Ouch. Figure out how to improve this efficiency a bunch and people will throw money at your feet! Assuming the two machines are doing the same work, the 240 volt will use slightly less power, or energy.
Here's why: To do the same work (btu) in the same time (btu/hr) they have to use the same amount of input power (watts). In fact watts and btu/hr are the same thing, "power", and there is a direct conversion from one to the other: 1000 watts = 3400 btu/hr. That's assuming 100% efficiency; real a/c units will of course need more power input than that.
Now in electricity, power = voltage x current. Since power input must be the same (since the output is the same), the 240 volt unit must be drawing half the current of the 120 volt. Power, the "electricity used", would be the same...
...almost. There is a wrinkle. The 240 volt unit is drawing less current. Now resistive losses are measured in power, and are calculated from P = current squared/R. i.e. cut the current in half (as the 240 volt unit does) and you cut the resistive losses to one fourth of what they were before.
So assuming all else is equal, resistive losses will be lower in the 240-volt unit. It will therefore be slightly more efficient, and so will use sligthly less power. The difference (mentioned above) will be much less than 1%, so for all practical purposes, the power consumed will be the same.
What statement refers to the law of supply?
Law of supply states that other factors remaining constant, supply is the function of its price where an increase in price of the commodity increases quantity supplied in the the market and a decrease in price reduces quantity supplied.
What does the equillibrium point on a supply and demand graph represent?
which is true about the functional relationship shown in the graph
What effects supply and demand?
Fluctuations in the price of goods. The affect of demand on price is directly proportional and supply's affect on price is indirectly proportional.
What happens supply exceeds demand?
The price usually goes up. If lots of people want something, you have to pay more to get it.
How did supply and demand affect consumers in the south during the civil war?
During the Civil War, supply and demand significantly impacted consumers in the South, leading to shortages of essential goods. As the war disrupted trade and agricultural production, prices soared due to increased demand for basic necessities, while supply dwindled. This resulted in rampant inflation, making it difficult for many Southern families to afford food and other vital items, ultimately exacerbating the hardships faced by the civilian population. Consequently, the economic strain fueled discontent and hardship among Southern consumers throughout the conflict.
When disaster hits why does the cost of food and gas go up supply and demand?
There is no way supply and demand affect disasters, they are natural things in nature while supply and demand are economic processes. Disasters can easily decrease the supply of something, which increases the price on that good.
If demand falls and supply falls will equilibrium price rise?
In this case supply of goods surplus in the market and then their is cahnce to decreases in prices for the purpose of rises in demand.
Why is it important for businesses to understand the laws of supply and demand?
LoL........LSC students.
What is the difference elastic and inelastic demand?
Difference is that inelastic demand people need to have that item no matter what the cost. An example would be insulin for diabetic people.
Elastic demand is when someone doesn't need to buy a product if the price changes. Example is ramen noodles. If they cost $100 per packet people wouldn't buy them.
How does price level affect aggregate supply and demand?
Yes. if a price is lower, then then demand will be higher, because a person will get a relative value for less cost than it had before, and therefore more people will buy more products. and the other way around.
