GK
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: -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: -1) Market supply-This is the total quantity of a good or service that producers are willing to sell at a given market price. 2) Short-term supply-This is the total quantity of a good or service that producers are willing to sell in the short-term, usually less than a year.
Detailed explanation-3: -Supply is the amount of a product offered for sale at all possible prices in a market. The Law of Supply states that more product will be offered for sale at higher prices than at lower prices.