how did supply and demand affect consumers and businesses in the 1700s
2006-06-13 13:03:48 · 4 answers · asked by D-Mac A.K.a Debra 1 in Education & Reference ➔ Homework Help
The higher the demand for any good or service, the more the supplier can charge. For example, gas is a necessity, so the supplier can exploit our need for it by making us pay whatever they want...we are at their mercy.
If gas was not a necessity and we could do without it, it would be alot cheaper.
Business succeed when they give the consumer what they want or need. The better the product/greater the need, the more of a desired object it is and the business can take liberty at raising the price.
Products that are not as desirable, for whatever reason, don't have such a "pull" for price hikes.
2006-06-13 16:34:01 · answer #1 · answered by annettetyler77 3 · 0⤊ 0⤋
I have never really taken economics before, but what I believe is that every time that hte supply should go down thwor will bettter chances that the demand would increase at the time so, the businesses had to generate a way to fulfill the demands as quickly as possible
2006-06-13 20:12:04 · answer #2 · answered by temitopeowosela 2 · 0⤊ 0⤋
people demanded ships, so businesses supplied lumber, wood is one of the largest industries if not largest in 1700's
2006-06-13 20:06:15 · answer #3 · answered by UGAdawg 3 · 0⤊ 0⤋
GREED
2006-06-13 20:08:55 · answer #4 · answered by whitfield185 2 · 0⤊ 0⤋