ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supply and demand
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Prices of raw materials
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Inflation
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Interest rates
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Local salaries and wages
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Detailed explanation-1: -The law of supply and demand is an economic theory that explains how supply and demand are related to each other and how that relationship affects the price of goods and services. It’s a fundamental economic principle that when supply exceeds demand for a good or service, prices fall.
Detailed explanation-2: -Determinants of Price in Marketing The main determinants that affect the price are: Product Cost. The Utility and Demand. The extent of Competition in the market.
Detailed explanation-3: -As the demand for a particular good or service increases, the available supply decreases. When fewer items are available, consumers are willing to pay more to obtain the item-as outlined in the economic principle of supply and demand. The result is higher prices due to demand-pull inflation.
Detailed explanation-4: -Costs and Expenses. Supply and Demand. Consumer Perceptions. Competition.