According to the 2012 census, the United States total population is estimated to be over 313 million; this represents a 9.7% increase within a period of 10 years (Thomas, 2014). Moreover, the composition of the population is one of the most diverse in the world; it’s made up of people with different racial and ethnic backgrounds ranging from Caucasians or the Whites, the Blacks or African Americans, American Indian and Alaska Native, Asian, Native Hawaiian and other Pacific Islanders, and the Hispanics or Latinos. As a result, the diverse U.S. population has serious implications on the United States ...
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Law of Demand and supply
Introduction In economics, the law of demand and supply is one of the essential theories governing an economy. The theory of demand and supply determines price, accessibility, and the demand for a given service or product. Demand definition is the willingness of consumers to purchase a certain good or service in the market. The cost of the service or good reflects the consumer’s buying decision. The demand for an item is high when its price is lower than other supplementary goods. The curve of demand theory slopes downward due to the inverse relationship.
Alternatively, supply is the willingness of a ...
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