Law of Supply:-
As the price of a good or service increases, the quantity of the supply of goods or services increases. Same if the price of a good or service decreases, the quantity of the supply of goods or services decreases.
Law of Demand:-
As the price of a good or service increases, the quantity of the supply of goods or services decreases. Same if the price of a good or service decreases, the quantity of the supply of goods or services increases.
Price Mechanism:-
The price of a good is increased when the supply of it is below its demand. And the price of a good is decreased when the supply of it exceeds its demand.
Elasticity:-
Elasticity shows that how the changes in product's demand and supply leads to the change in the producer's price or the consumer's income.
Production Possibility Curve (PPC) :-
PPC is a curve graph which shows the highest number of possible goods that an industry can produce if it only produces two products using all of its having resources efficiently.
As the price of a good or service increases, the quantity of the supply of goods or services increases. Same if the price of a good or service decreases, the quantity of the supply of goods or services decreases.
Law of Demand:-
As the price of a good or service increases, the quantity of the supply of goods or services decreases. Same if the price of a good or service decreases, the quantity of the supply of goods or services increases.
Price Mechanism:-
The price of a good is increased when the supply of it is below its demand. And the price of a good is decreased when the supply of it exceeds its demand.
Elasticity:-
Elasticity shows that how the changes in product's demand and supply leads to the change in the producer's price or the consumer's income.
Production Possibility Curve (PPC) :-
PPC is a curve graph which shows the highest number of possible goods that an industry can produce if it only produces two products using all of its having resources efficiently.
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