Social Science

Topics: Supply and demand, Economics, Opportunity cost Pages: 2 (257 words) Published: January 14, 2013
SS 3
Jamar S. Matela
BS-Psychology IIProf. Maria Salome Desoloc

The Law of Demand
The law of demand states that, if all other factors remain equal, the Higher the price of a good, the less people will demand that goods. In other words, the higher the price, the lower quality demanded. The amount of a good that buyers purchase at a higher price is less Because as the price of a good goes up, so does the opportunity cost of buying that good. As a result, people will natural avoid buying a product that will force them to forgo the consumption of something else they value more.

An example is butter, which can be substituted for margarine when the price of butter increases.

SS 3
Jamar S. Matela
BS-Psychology IIProf. Maria Salome Desoloc

Law of Supply
The law of supply is tendency of suppliers to offer more of a good at a higher price am not really good at economic; hope this can help you a little bit.

The recent Cash for Junkers program is a good example. Demand for new cars dropped because of the failing economy. Manufactures stopped making cars (creating sully). The government offered incentives to trade in your old car for a new one, and created a demand. The car manufacturers responded by creating more supply.

SS 3
Jamar S. Matela
BS. Psychology IIProf. Maria Salome Desoloc

1.What is being sold?

This pictures was taken at Tanay Public Market where in this stall is selling
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