When a guest in a hotel purchases a toothbrush and toothpaste from the gift shop, the guest has purchased a good from the hotel.
<h3>What is a good?</h3>
In the field of economics, we can define a good to be an item that has utility and also has the ability to satisfy the wants that people would have in the society.
This is a good because the paste and the brush is useful for the cleaning of the teeth hence this can be termed as its utility. In essence we can say that When a guest in a hotel purchases a toothbrush and toothpaste from the gift shop, the guest has purchased a good from the hotel.
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Answer:
The Sailboat
Explanation:
The Sailboat
Sailboats were invented in order to expand Sumerian trade. Wood and papyrus were used to make lightweight sailboats so that it was easy for them to move on water.
Answer:
Lower supply and a shortage
Explanation:
In cases of emergency the prices connected with some good normally increases, even if the good isn't produced in the affected area. The costs of transport, logistic, storage and selling e.g, increases because of shortage of all other goods, reflecting in a chain effect. When a price is set below the equilibrium price, the quantity supplied will be lower than the quantity demanded, by consequence the maximum price may lead a lower supply and a shortage.
Answer:
refers to the limited amount of income available to consumers to spend on goods and services
Explanation:
the budget constraint symbolizes all of the mixtures of products and services which consumers can buy at current market prices within their earnings. Consumer theory utilizes the idea of budget constraint and choice chart to examine purchasing decisions