HISET Social Studies Practice

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What economic principle does the term 'supply' relate to?

  1. The amount of goods available in the market

  2. The willingness of consumers to purchase goods

  3. The legal framework for business operations

  4. The distribution of income among workers

The correct answer is: The amount of goods available in the market

The term "supply" in economics relates to the amount of goods available in the market. It signifies the quantity of a product that producers are willing to offer for sale at various prices during a specific period. Understanding the concept of supply is fundamental in analyzing market dynamics, pricing strategies, and economic equilibrium. The other options are not directly related to the economic principle of supply.

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