When the price of the commodity falls,more of it will be demanded. It is called
Law of Supply
Law of Demand
Law of Consumption
Law of Price
When money became the common medium of exchange between goods and services is known as
Barter System
Price System
Non-Capitalistic economy
Market clearing price
The economic system is a vast complex network of
Inter related Markets
Independent Markets
No related Markets
Constant Markets
The desire backed by the ability and willingness to pay for a commodity is
Supply
Demand
Commodity
Market
The non-price determinants of demand includes tastes and preferences,income level and
Prices of the other products
Resources
When applied to price an equilibrium price is one where supply must equal
Price
The total demand for the product in the entire economy as a whole is called
Market demand
Individual demand
Any country where production and consumption decisions are controlled by the state is called
Socialist Economic System
Capitalist Economic System
Mixed Economic System
Feudalist Economic System
Any country where production and consumption decision are left to the private individuals is known as
Feudalistic system
The way in which products produced are exchanged between producers and customers of those products for certain prices is defined as
Economy
Society