Write short note on Demand, Supply and Equilibrium
Write short note on Demand, Supply and Equilibrium?
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Demand is an inverse relationship between price and quantity demanded, other things equal (unchanged). Supply is a direct relationship showing the relationship between price and quantity supplied, other things equal (unchanged). It can appear that these rules have been violated over time, when tracking the price and the quantity sold of a product such as salsa or coffee.
Evaluate and explain the statements: “The market system is a profit-and-loss economy”
Define Dependent and independent variables?
Elucidate Reliance on technology and capital goods of the market system?
What is the scientific method and how does it relate to theoretical economics? What is the difference between a hypothesis and an economic law or principle?
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Evaluate and explain the statements: “Competition is the essential despot of the market economy”.
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