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CaHeK987 [17]
4 years ago
12

How does the price of a good or service reflect the relative scarcity of it, and how does that

Social Studies
1 answer:
spin [16.1K]4 years ago
7 0

Answer:

The price of a goods or service reflects the relative scarcity of it. Because when the price is high of a goods or service it means that the production of this goods or service is low.On the other hand when the price is low that means the production of this goods or service is more available.So the scarcity of goods related to the price.

Price of the goods directs the alloctaive function .Allocative function means the proper distribution of goods on the open market economy. When the price is high in a market that means the supply is low there. So according to market equilibrium more supply needed there.

Explanation:

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The President represents the United States to the rest of the countries and governments around the world. Thus the President is in charge of advancing the values and ideals of the United States and protecting the interests of the United States on the global stage. The President is the maximum authority representing our foreign interests abroad.  The President represents the United States in global alliances like the G8 and he meets bilaterally with other world leaders to negotiate treaties and agreements that promote trade and investment that is beneficial for the country.

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