When the price increased<span> two things happened: (1) plywood was rationed </span>to<span> its most important uses (not doghouses or decks), and (2) the high </span>prices<span> were an incentive for more plywood </span>to <span>be ... As we </span>can<span> see on the demand graph, there is an inverse relationship between </span>price<span> and </span>quantity <span>demanded.</span>
Another name for the sum of all goods and services produced by business firms and sold to final consumers is GDP
The purpose of an economic model is to explain the behavior of the issue being examined.
c) explain the behavior of the issue being examined.
<u>Explanation:</u>
The thesis of the economic behavior that can be tested is obtained through an economic model. The economic model describes reality in simplified manner.
Economists generally rely on economic theories or models to study the issues in real-world. The economic models propose the economic ideas that will be helpful for the individuals, company or the government to make decisions. The economic model explains the behavior of the issue that is examined, and helps economist to make predictions about the real world.
Economists use economic models to answer questions.
2. The writer, Ovid, chose that image to show that Midas was greedy and was never satisfied with the treasures he already had. That contributes to the point that Ovid is trying to make in his story because it shows that if one is too greedy, they will eventually lose something important to them.
3. At the end of the story, Bacchus has Midas give a reason for him to show him mercy. He does this to make sure that Midas truly understands that what he did was selfish and that he'd be less greedy in the future.
1. French and Indian war ends.
2. Boston massacre
3. Rhode Islanders destroy ship
4. Stamp act
5. Declaration of information
