There wasn't much in California 1848 no one was prepared for the tens of thousands of people who arrived all of them had needs or demands but there wasn't much there when there is less of something that everyone needs it will cost more this is part of the economic law called blank and blank

Question

Social Studies

Katelynn Trujillo

8 April, 14:01

There wasn't much in California 1848 no one was prepared for the tens of thousands of people who arrived all of them had needs or demands but there wasn't much there when there is less of something that everyone needs it will cost more this is part of the economic law called blank and blank

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Answers (2)

Know the Answer?

Elliana Wilcox · Answer 1

Supply and Demand

Javon Lee · Answer 2

Answer: Supply and Demand

Supply and demand is one of the most important concepts of economics, as well as the backbone of market economy.

Demand refers to the quantity of a product that is desired by buyers. Supply, on the other hand, represent how much of a product the market can provide. Price is a reflection of the relationship between supply and demand. As a general rule, when supply decreases, the price of products goes up. If instead, the demand decreases, the prices go down.