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10. Law of Supply - is the microeconomic law that states that, all other factors being equal,
as the price of a good or service increases, the quantity of goods or services that suppliers
offer will increase, and vice versa.
11. Law of Supply and Demand - The law of supply and demand is the theory explaining
the interaction between the supply of a resource and the demand for that resource.
Generally, a low supply and a high demand increases price, and in contrast, the greater
the supply and the lower the demand, the lower the price tends to fall.
12. Necessities - Good or service (such as food, water, medical attention) whose
consumption is essential to human survival, or which is considered indispensable for
maintaining a certain minimum standard-of-living.
13. Luxuries - a good for which demand increases more than proportionally as income rises,
and is a contrast to a "necessity good", for which demand increases proportionally less
than income.
14. Law of Diminishing Return - economic law stating that if one input in the production of
a commodity is increased while all other inputs are held fixed, a point will eventually be
reached at which additions of the input yield progressively smaller, or diminishing,
increases in output.