1. The two circumstances that affect the demand for a good or service are:
- The willingness to purchase, which reflect as a desire, based on what economists classify as "tastes and preferences."
- The ability to purchase, directly associated with someone's income.
2. If we understand the demand curve as a relation between (strictly) two variables, quantity and price (on the X and Y axes respectively), the <em>ceteris paribus</em> assumption relates to the demand curve in the sense that, no other relevant economic factor rather than product's price are changing. In other words, all other variable remains constant except price.
3. A demand for a good is classified as elastic when an increase in prices causes a greater proportioned fall in demand.
For instance, if there is an increase in price, there will be a great impact on the quantity demanded (reducing it). This usually occurs on goods from which customer has the possibility to switch to another one of the same types if the price of the one consumed increases.
4. The opposite phenomenon applies to inelastic goods, an increase in prices causes a small proportioned fall in demand. In this case, if there is a price drop in a good, its demand won't be affected, since it is less sensitive to variations in price.
5. Three factors that determine a good's elasticity are:
- Availability of substitutes: small changes in prices, leads consumer to switch to another product of the same type,
- Income level: rich people pay less attention on price changes and are not affected by them, contrary to poor people, as a result, demand for lower income people is highly elastic.
- Habits: If a consumption of a good becomes a necessity, changes in prices will not affect a consumer willingness to purchase it. This situation is usual for addictive products.
One of the most important political institutions that has been present in Russia from before 1000AD until the early 1900's is Tsarism. It is a system of rule with a monarch with absolute power that has several subservients to help him control the vast area that comprises Russia. Ivan the 4th is an important example of a Tsar. After 1905, there is also a Russian parliament called the Duma that restricted somewhat the monarch's powers.
The following could have been a path to economic freedom for African Americans after the civil war is Ability to access land to develop and earn income Option(b) is correct.
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What was the economic freedom for African Americans?</h3>
The critical elements of economic freedom are private decision, deliberate trade, freedom to contend in business sectors, and security of individual and property.
Foundations and arrangements are steady with economic freedom when they permit willful trade and safeguard people and their property. Many scholastic examinations have shown that economic freedom prompts higher paces of economic development, more significant levels of pay.
Expanded trust and genuineness in government, assurance of common freedoms, decreases in destitution, and upgrades in wellbeing and instructive results. Dark work has been basic to the development of America and our economy. Subjugated individuals fabricated the country's initial foundation and delivered worthwhile items like cotton and tobacco. After liberation, African American work was vital in industry, agribusiness, and administration.
Therefore Option(b) is correct.
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Answer:
With Pearl Harbor, it was <u>technically a victory</u> for the Japanese because it was a surprise attack. However, this caused the US to go to war against Japan and bomb Hiroshima and Nagasaki in 1945.