high school social studies gace practice

Demand refers to the amount of that product or service consumers want to purchase.

Supply means the amount of a specific product or service available. Supply and demand are two important factors that influence the market. If supply of a product is limited, but demand is high, how would the price be affected?Ħ. At that point, the supply and demand have reached equilibrium. Eventually, a balance between the two factors is reached and the optimal price for that product or service is determined. As the price goes down, demand usually increases. For example, if there is a large supply of a product which few people want to buy, the price of that product will go down. Both of these factors influence the price of goods. The system is only based on speculation so nothing is certainĥ.People want to pay more for products, not less.Price may not be the only factor causing low demand.

Why does demand only “usually” go up when the price is lowered? Anthony, fought for suffrage and were finally successful in 1920.

North American Federal Tariff Associationģ.

This paragraph appears in which historic document?Ģ. Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof or abridging the freedom of speech, or of the press or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.

High school social studies gace practice