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occurs when there is excess supply than consumer demand.
occurs when there is excess supply than consumer demand.
- Corruption
- Surplus (correct)
- Poverty
refers to dishonest or fraudulent behavior by people with power such as managers.
refers to dishonest or fraudulent behavior by people with power such as managers.
- Corruption (correct)
- Surplus
- Poverty
refers to state or condition in which people do not have minimum standard of life
deemed accepted by the society.
refers to state or condition in which people do not have minimum standard of life deemed accepted by the society.
- Surplus
- Corruption
- Poverty (correct)
what is the two scope of economics
what is the two scope of economics
The amount of goods and services consumers are willing to buy or purchase at a certain price.
The amount of goods and services consumers are willing to buy or purchase at a certain price.
tates that quantity purchased varies inversely
with price, the higher the price, the lower the quantity
demanded and vice versa
tates that quantity purchased varies inversely with price, the higher the price, the lower the quantity demanded and vice versa
All else equal” or “All remain constant” and
Price is the only determinant that affects changes in the
quantity!
All else equal” or “All remain constant” and Price is the only determinant that affects changes in the quantity!
The amount of goods and services producers are willing
to sell at a certain price.
The amount of goods and services producers are willing to sell at a certain price.
states that quantity supplied is directly proportional with price, the higher the
price, the higher the quantity supplied and vice versa
states that quantity supplied is directly proportional with price, the higher the price, the higher the quantity supplied and vice versa
To get one thing, we usually have to give up something else
To get one thing, we usually have to give up something else
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