Answer
During market equilibrium;
Supply and demand meet at a specific price.
Supply and demand meet at a specific quantity
Explanation
At market equilibrium, the supply and demand curves intersect to identify a point where the quantity demanded is equal to the quantity supplied.The price at this point is the equilibrium price and the quantity obtained is the equilibrium quantity.
Here is some information that you can use to help your write this essay:
Communism/Socialism:
Advantage
- There are no social classes- This means that there are no poor individuals within a society. There is no upper, lower, or middle class. Everyone has about the same amount of income/resources.
Disadvantage:
- Little economic freedom- The government plans the economy. This means they control how many products a business makes and how many goods/resources each family has.
Capitalism
Advantage:
- Individual freedom- In a capitalist society, citizens can buy whatever they want as long as they have the money. This allows citizens to do what they want, when they want, without having the government telling them what to do.
Disadvantage:
- Poverty/Homelessness- This system involves very little government interference with the economy. This means there will be social classes. Ultimately, some individuals will end up poor or homeless for any number of reasons.
The Three-Fifths Compromise was another very significant compromise during the Constitutional Convention. It had allotted the South to have more representation in the House by counting slaves as 3/5ths of a person.
To make sure you were safe
Before the panama canal people from East coast of America who wanted to go to Asia had to either sail around south America which took months or sail towards Asia and go around Africa which took even longer. The panama canal was a short cut right in the middle of central America which cut navigation time in half. Hope I helped. :)
