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Brrunno [24]
3 years ago
10

Supply and demand determines prices levels for goods and services in a

History
2 answers:
miv72 [106K]3 years ago
5 0
Supply and demand determines prices levels for goods and services in a "market economy," since (at least in theory) this means that the government does not intervene. 
bonufazy [111]3 years ago
4 0

supply and demand determines prices levels for goods and services in a market economy.

A market economy is characterized by the free entry and exit of firms, that is, it is an economic system based on competition. In this context, firms compete for the market through price practices. Consumers will buy from the firms that practice the lowest price and firms that charge a higher price will be eliminated by the competition.

When the market places a price where the supply of goods and services will equal the demand for goods and services, the economy will be in equilibrium.

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Central America, southernmost region of North America, lying between Mexico and South America and comprising Panama, Costa Rica, Nicaragua, Honduras, El Salvador, Guatemala, and Belize. (Geologists and physical geographers sometimes extend the northern boundary to the Isthmus of Tehuantepec in Mexico.)

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Geography & Travel

Geographic Regions

Central America

WRITTEN BY

Ralph Lee Woodward See All Contributors

Professor Emeritus of Latin American History, Tulane University, New Orleans. Author of A Short History of Guatemala.

See Article History

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BRITANNICA QUIZ

Quick Quiz: Central American Geography

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