DETERMINATION OF PRICE BY DEMAND AND SUPPLY
In a market, there are buyers and sellers. The buyers bring their money to the market to buy the goods (demand) while the sellers bring the goods to the market for sale (supply). Market equilibrium is determined by the interaction…
PRINCIPLES OF SUPPLY
Supply may be defined as the quantity of goods which a producer is willing and ready to offer for sale at a given price over a given period of time. It can also be defined as the ability and willingness…
PRINCIPLES OF DEMAND
In order to know how a market economy works and how resources are allocated in an economic system, it is very important to understand what determines the demand and supply of goods and services. DEMAND Demand may be defined…
Study Guide
