ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How much of a good or service is available AND how much people want it. (The more people want it, the more they’ll pay for it.)
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Scarcity
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Specialization
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Supply and Demand
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Standard of Living
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Explanation:
Detailed explanation-1: -Demand is just how many of an item a consumer is willing to buy-the sheer quantity. Quantity demanded is how many things a consumer will purchase at a specific price.
Detailed explanation-2: -Supply-a schedule or a curve showing the amounts of a product a producer is willing and able to produce and make available for sale at each of a series of possible prices during a specific period of time.
Detailed explanation-3: -Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
There is 1 question to complete.