Economic Demands

1. ​ What was George Washington elected to?

2. What is the traditional concept of the Second Admendment?

3. In the Fifth Admendment, What 2 rights are guaranteed?

Economics is the study of how individiuals transform natural Resources into final products and services that people can use ​

​The basic Economic Laws of Supply and Demands state:

• As the price​ of a good goes up in relation to other goods, demands for that good will fall.

• As the price of a good goes down in relation to the prices of other goods, the demand for that particular good will rise.

• When the price of a good goes up, producers will be encouraged​ to increase the supply.

• ​If the supply of a good increases while demand stays the same, the price will tend to fall.