cutie_E asked:
What is the connection to demand and supply?
Also, what is the connection to demand and supply?
Dudley
What is the connection to demand and supply?
Also, what is the connection to demand and supply?
Dudley
What is the difference b/w an artist, inventor, and an entrepreneur?
{ 4 comments… read them below or add one }
Both an inventor and an artist are almost identical. Both create a tangible object from their minds in the form of a painting or gadget or program or object of hopeful value. The entrepreneur takes that idea once created and invests in it to establish a market for the product in hopes of gaining a substantial return for himself and the originator.
The inventor- the great idea finder
The Artist- what is seen and what is not seen
The entrepreneur- Motivation, optimism, happiness, self-esteem, creativity, competency, they seek to reform or revolutionize
An artist creates something
An inventor discovers something
An entrepreneur makes money from both
Hey u asked a very nice question
An Artist is a person whose creative work shows sensitivity and imagination.
An Inventor is a person who is the first to think of or make something.
An Entrepreneur is a person who organizes a business venture and assumes the risk for it.
A. The Law of Demand
The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. In other words, the higher the price, the lower the quantity demanded. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good. As a result, people will naturally avoid buying a product that will force them to forgo the consumption of something else they value more.
B. The Law of Supply
Like the law of demand, the law of supply demonstrates the quantities that will be sold at a certain price. But unlike the law of demand, the supply relationship shows an upward slope. This means that the higher the price, the higher the quantity supplied. Producers supply more at a higher price because selling a higher quantity at a higher price increases revenue.