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What is the term that describes when the amount of goods produced is about the same as the number of consumed who are willing to buy the product?
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∙ 7y ago
Supply
Lamya Massey
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When the price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal this is known as?
Supply & demand
What is the product being sold?
The product being sold is the product being manufactured or grown for a market willing to purchase the product.
How does the price system serve as a rationing mechanism?
Since price of a good is determined where demand meets supply, it means that for the price, the optimum amount of goods are produced and consumed, making sure that everybody who has the demand for the good (willing able able to pay for it) can have that good.
How does competition make prices higher or lower?
If you were the only one that sold (produced) the product, then you could sell it for whatever you wanted. There would be nothing to compare it to. Therefore, you could get more money out of it than if there was someone else producing the same product. More competition means varied prices.
Does the convenience affect the price consumers are willing to pay for a product?
yes
When the price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal this is known as?
Supply & demand
What is the product being sold?
The product being sold is the product being manufactured or grown for a market willing to purchase the product.
How does the price system serve as a rationing mechanism?
Since price of a good is determined where demand meets supply, it means that for the price, the optimum amount of goods are produced and consumed, making sure that everybody who has the demand for the good (willing able able to pay for it) can have that good.
How does competition make prices higher or lower?
If you were the only one that sold (produced) the product, then you could sell it for whatever you wanted. There would be nothing to compare it to. Therefore, you could get more money out of it than if there was someone else producing the same product. More competition means varied prices.
Does the convenience affect the price consumers are willing to pay for a product?
yes
What word best describes values?
Value is what an informed and reasonable buyer is willing to pay, and what an unforced and unstressed seller is willing to take in exchange for a thing.
