Answer:
Explanation:
Example
Let us take this slowly by considering a bicycle. You are given 1 bicycle and you wish to sell it. 4 people are interested and think your price is fair.
so the supply is 1 bicycle
and the demand is 4 people
If those people are want the bicycle equally, what do you think could happen to the price of the bicycle? Shouldn't it go up? Especially if they are all willing to make side deals.
Supply: 1 bicycle
Demand: 4 people
Price goes up.
Now go back.
Suppose you have 10 bicycles and only 8 people are bidding on them. They are not really that interested. So you have to lower the price until someone bites.
Supply: 10 bicycles
Demand: 8 people.
Price goes down. The supply exceeds the demand.
After the Civil War (1861-1865), the land was divided into small parcels and started to be rented or sharecropped. At that time slavery was condemned, so former slaves became those sharecroppers who rented the land of plantations in order to stand for a living by producing and sharing the crops. The owners or the new sharecropped demolished slaves’ old housing and built new ones near the main house. Besides, owners had to start paying taxes in cash which produced an impoverishment of plantations.
A set of laws, passed in the midst of fierce wrangling between groups favoring slavery and groups opposing it, that attempted to give something to both sides. The south gained by the strengthening of the fugitive slave law, the north gained a new free state, California. Texas lost territory but was compensated with 10 million dollars to pay for its debt. Slave trade was prohibited in Washington DC, but slavery was not.
