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larisa86 [58]
2 years ago
5

Supply and demand I don’t know which is which

Business
2 answers:
bogdanovich [222]2 years ago
7 0

To understand the market mechanism, one needs to have a good knowledge of demand and supply, as these two forces regulate the entire market. Demand implies the desire for a good, supported by the ability and readiness to pay for it. On the other hand, supply alludes to the total amount of a commodity ready for sale.

When demand rises there is a shortage in the supply and when a supply is enough the demand falls short, so there is an inverse relationship between these two elements.

Nowadays people are very selective regarding the things they use, carry and wear. They are very conscious about what to purchase and what not to? A little change in the prices or the availability of a commodity affects people drastically.

The demand and supply model is helpful in simplifying how the price and quantity traded are ascertained in the market as well as how the outside forces affect the demand and supply of the commodity. Go through with this write-up to get a clear understanding of the difference between demand and supply.

Akimi4 [234]2 years ago
7 0

Answer:

im confused

Explanation:

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This question is incomplete, here is the complete question:

Following a long period of slow growth, the government of country X decided to open its economy and reduce trade barriers in order to boost economic growth. This provided the expected impetus to the economy as competition increased and the efficiency of domestic firms improved. A decade after opening the economy, the country's GDP is now growing at an average of 7-8 percent annually. A group of economists claim that the standard of living of the people has improved substantially during this period. They also expect this impressive growth to continue over the next five years.

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