Search results
The term static emphasizes the fact that we are comparing two different market equilibriums at discrete points in time—one before and one after the changes occur—as opposed to analyzing the dynamic process of price and quantity changes. Changes in Demand.
- Patrick M. Emerson
- 2019
Aug 20, 2024 · Economic equilibrium is a condition or state in which economic forces are balanced. When there is economic equilibrium, all economic variables like supply and demand remain unchanged provided...
Learn about about two types of economies: command and market. In a command economy, the government controls everything, like factories and farms. In a market economy, businesses and people decide what to make and buy. Most countries have a mix of both, called a mixed economy. Questions.
- I can answer that, command economies still exist because their governments are historical dictatorships, and I know it because I came from one of t...
- That's why there is no incentive for government workers and people in general. If you're not going to be making more money, or a profit, then 'what...
- This was the line of thought for many but such things also occur in command economies. Despite being advertised as equal and fair, the reality ends...
- It depends on what you mean by "good", because that depends on the objective of a society. Also, "good" is a normative statement. We try as best we...
- Interesting question. The only examples we've had thus far of a communist governments or nations working towards it all involve the utilization of...
- This is a fairly personal spectrum, yes the government would bail out the banker but not necessarily make him richer. His mistakes aren't an inequa...
- To counter your point of him expressing opinions as fact, when he says "If you are manager here and you get a better way of doing this you get no r...
- Capitalism is a form of market economy, same as socialism and communism are forms of command economies. A fork is a kind of utensil, same as commun...
- Contemporary China has a capitalist mode of production. Under Mao it was considered Marxist-Leninist but as Melanie pointed out it is more market o...
Identify a demand curve and a supply curve. Explain equilibrium, equilibrium price, and equilibrium quantity. First let’s first focus on what economists mean by demand, what they mean by supply, and then how demand and supply interact in a market.
Aug 21, 2024 · Market forces in economics are the factors influencing the price and availability of goods and services. Fundamentally, it explains how market economies work. One of the major ones is the free market force of supply and demand.
Economic equilibrium is a state in a market-based economy in which economic forces – such as supply and demand – are balanced. Economic variables that are in equilibrium are in their natural state assuming no impact of external influences.
Jun 26, 2024 · What Is Equilibrium? Equilibrium is the state in which market supply and demand balance each other, and as a result prices become stable. Generally, an over-supply of goods or services causes...
