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The united states are considered a rich country because Americans can choose from an abundance of goods and services. But even in a place of wealth, there is still scarcity since there are too many demands and not enough resources to satisfy them.
What is the connection between supply and demand?
- A basic tenet of economics is that when there is more supply than demand for an item or service, prices decline.
- Prices typically increase when demand outpaces supply.
- When demand is constant, there is an inverse connection between supply and pricing of products and services.
- When demand rises, the supply curve moves to the right, and when supply rises, the curve moves to the right.
- Demand is a buyer's desire and ability to pay at a particular price. Supply, on the other hand, refers to the quantity that manufacturers supply to their clients for a certain price.
- The supply curve is sloping upward to the right, whereas the demand curve is sloping downward.
To learn more about the demand and supply, refer to the following link:
https://brainly.com/question/4804206
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