3 years ago

But how do the government and the economy intersect in society?

1 answer:

6 0

The government controls the economy ( Society is where relationships come into focus).

The goverment makes the decisions for money making, trade, and import/export which forms the state of the economy.

Please vote my answer branliest! Thanks.

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Word to the definition: The relationship between price and quantity

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This is the law of supply and demand.

The law of supply and demand includes two basic economic principles that describe how price changes affect the supply and demand for an asset, commodity, or product.

All else being equal, the law of demand states that demand for a specific product changes in inverse proportion to its price. In other words, as the price rises, so does the demand for the product. Cost changes for a good or service are related to the quantity supplied by the law of supply. Unlike the law of demand, the law of supply shows the relationship between two is direct rather than inverse.

Learn more on law of supply and demand-

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