Question

The idea of supply and demand is based on the development of A. business decisions in a thriving economy. B. sufficient products to meet consumer wants. C. governmental laws that regulate the economy. D. business efforts to improve product appeal to consumers.

Answer 1

The answer is B: sufficient products to meet consumer wants.

The law of supply and demand, from classic economics, is the idea that products that a society may deem valuable and desirable will be supplied by a free market economy (ideally devoid of governmental intervention). These two forces, in theory, are said to be correlated and, through what Adam Smith called “the invisible hand”, can find equilibrium or balance.  

Answer 2

The idea of supply and demand is based on the development of sufficient products to meet consumer wants.  

Further Explanation:-

Macroeconomics is known to be a branch or part of economics which researches and studies that how an overall economy as well as market which are operating in large scale behaves. The study of microeconomics includes wide phenomenon such as study of inflation, Price levels, how national income is generated, how economic growth is studied, how can one get to calculate the GDP as well as it also keeps the check on the changes of unemployment.  

Microeconomics asks the key questions in regards to the economy such as what can be the reason behind rise in unemployment. How inflation is caused? How well or badly the economy of country is performing or what can be done to increase the growth rate of the country? It basically deals with the basic structure of the economy and if we talk about the microeconomics, then it is more of focused on the choices which individuals make with respect to economy.

Grade – High School

Subject – Economics

Chapter – Macroeconomics  

Keywords – Macroeconomics, Microeconomics, Inflation, Economy, Rise, Fall, Prices, Unemployment, Inflation, GDP, Generate.