supply and demand determines prices levels for goods and services in a market economy.
A market economy is characterized by the free entry and exit of firms, that is, it is an economic system based on competition. In this context, firms compete for the market through price practices. Consumers will buy from the firms that practice the lowest price and firms that charge a higher price will be eliminated by the competition.
When the market places a price where the supply of goods and services will equal the demand for goods and services, the economy will be in equilibrium.
The British established an "opium" trade with China, since opium was in high demand in Asia, and both the British and the Chinese saw an opportunity to make immense profits.
The Romans spoke latin which is the root of many European languages
Answer:
Journal Entry:
Supporters of the Jersey Plan mostly come from the larger states like New York or New Jersey. They believe that the seats of Congress should be distributed according to the states population. This plan clearly benefits the larger states.
Supporters of the Virginia Plan mostly come from the smaller states and the South. They feel that the seats of Congress should be distributed equally among the states, regardless of population size. This plan clearly benefits the least populated states.
A compromise should be reached that benefits both sides. Perhaps a bicameral Congress with one chamber benefiting the most populated states, and the other chamber benefiting the least populated states.
