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Answer:
What Is the Law of Supply and Demand?
The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource. The theory defines the relationship between the price of a given good or product and the willingness of people to either buy or sell it. Generally, as price increases people are willing to supply more and demand less and vice versa when the price falls.
Explanation:
The law of demand says that at higher prices, buyers will demand less of an economic good.
The law of supply says that at higher prices, sellers will supply more of an economic good.
These two laws interact to determine the actual market prices and volume of goods that are traded on a market.
Several independent factors can affect the shape of market supply and demand, influencing both the prices and quantities that we observe in markets.
Market demand can differet from individual demand. This is, however, often not the case. Groups of individuals usually have a demand for a certain product which in turn cretes what we call market demand. Market demand is simply the demand for a product from a large number of people; the market. And a large number of people is of course composed of individuals.
This means that you may be an individual who created the market demand for certain products, but you don't create it for other products.
Before the Constitution was ratified by the states in 1787, the Articles of Confederation made trade very difficult because there wasn't a strong central power. It took several years for the powers of the Constitution and trade to take form.
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One limitation on the President's foreign policy power is that he can make foreign treaties but he has to present them in from of the Senate for approval. The branch of government that places this check on the President’s foreign policy power is thus, the United States Congress.
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- Though the President of the United States serves as the supreme head of the government, the principles of distribution of power and checks and balances are ultimately applied to him too.
- This distribution of power is deemed to be necessary as it prevents an individual from overpowering the majority of officials that work under him.
- Hence, the foreign policy power of the President can thus be deemed to be 'limited'.
