BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A key assumption used to explain the choices that people make with regards to achieving satisfaction.
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Physical and mental effort used in creation of goods and services.
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Total of all the things you own that have a value, or could create money for you in the future
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The total amount of a product (good or service) available for purchase at any specified price.
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Detailed explanation-1: -What Is Supply? Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
Detailed explanation-2: -Supply in economics is defined as the total amount of a given product or service a supplier offers to consumers at a given period and a given price level. It is usually determined by market movement.
Detailed explanation-3: -Supply is the quantity of goods and services readily available for sale in the market at a given price. Supply is decided by price and demand.
Detailed explanation-4: -Supply of goods and services Price is what the producer receives for selling one unit of a good or service. An increase in price almost always leads to an increase in the quantity supplied of that good or service, while a decrease in price will decrease the quantity supplied.