Economists use the phrase "trade creates wealth" to ask the positive gains enjoyed by both buyers and sellers when they trade.
How do economists define the law of demand ?
The Law of Demand states that other things being constant, a rise in the price of a good lowers the quantity demanded of that good, while a decrease within the price of a good raises the quantity demanded of that good.
What is opportunity cost economics ?
the most desirable alternative given up as the result of a decision. thinking at the margin. the method of deciding whether to do or use one additional unit of some resource. cost/benefit analysis.
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