Answer: Economic Growth, Employment opportunities, Standard of living improvement.
Explanation:
Macroeconomics is a branch of economics that deals with the structure, performance, behavior, and the decision-making of the economy as a whole. It includes the regional, national, and the global economies.
Expanding production will help the economy in the following ways:
1. Provision of employment opportunities: An increase in production will lead to more goods and services being offered. This will in turn, lead to more workers who would be needed for production.
2. Increase in standard of living: There will be an increase in the standard of living for people that were not employed before and now gainfully employed due to the expansion.
3. Economic growth: Economic growth is the increase in the goods and services in the economy. Increase in production will enhance economic growth.
Answer:
In that situation, the demand of the Milk tea will fall.
Explanation:
In businesses subtitles are the type of products that serve a similar purpose but generally less favorable. You use substitutes as a second product when you somehow cannot use the first/main product.
In the example above,
Let's say that Coffee is people's favorite beverages. They like it better than milk tea. But, if they don't have enough money to buy their favorite coffee, they sometimes have to exchange it and settle with milk tea.
When weather increases the harvest of the coffee bean crop, the price of coffee will most likely fall down due to the abundance in resource.
When this happen, there will be lesser people who use the substitute product. in the end, the demand for the milk tea will fall.
Answer:
D
Explanation:
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls
If good X is a normal good and the consumers income increases, the demand for good X would increase
It would have been that the Law of demand not supply that didn''t hold
according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.
According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
The GROSS NATIONAL PRODUCT(GNP)
its the market value of all the products and services produced in a given year
