Social Studies, 09.02.2021 18:10 AutumnJoy12
1. The desires of what two groups fuel a market economy?
2. In a market economy, what two forces interact to determine price?
3. Explain the four parts of the definition of demand.
4. If the price of a good or service goes up, what happens to demand
and supply?
5. If the price of a good or service goes down, what happens to demand
and supply?
6. Explain equilibrium price, surplus, and shortage and describe the
relationship between them.
7. What are three factors that affect demand?
8. Explain what happens to supply and why it happens under the
following circumstances
a. An increase in the number of suppliers
b. A decrease in the cost of production
c. A number of suppliers leave the market.
9. How does price answer the three basic economic questions (what to
to produce, for whom to produce) in a market economy?
Answers: 1
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Describe the difference between native american beliefs about land "ownership" and european beliefs. savestylesformat instructions
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Martha participates in a research study in order to receive extra credit for her psychology class. when she arrives in the research office she is given a can of what looks and tastes like beer, but which actually contains no alcohol. in the adjoining room martha's classmate karen is also participating in the study. karen receives a can of alcoholic beer. if the experiment was designed to test the effects of alcohol on concentration, then who is exposed to the independent variable?
Answers: 3
1. The desires of what two groups fuel a market economy?
2. In a market economy, what two forces in...
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