The Origins of the Law of Supply and Demand

What fundamental concept does the Law of Supply and Demand explain?

• How businesses produce goods

• The relationship between supply and demand

• How companies advertise their products

• The role of government in the economy

Which historical figure recognized the role of supply and demand in determining prices and emphasized fair pricing in an economic system?

• Adam Smith

• John Locke

• Sir James Steuart

• Ibn Taymiyyah

Who is often referred to as the "Father of Economics" and wrote "The Wealth of Nations"?

• Sir James Steuart

• Alfred Marshall

• Adam Smith

• Ibn Taymiyyah

What aspect of economic theory was not fully developed by Adam Smith?

• Market price

• Demand theory

• Supply theory

• Production methods

What is the result of combining supply and demand theories into a comprehensive framework?

• A breakdown of economic concepts

• A revival of classical economics

• A modern macroeconomic theory

• A focus on production only

What is the primary message conveyed by this presentation?

• Who is the sexiest economist?

• To showcase the speaker's expertise

• To encourage audience interaction and discussion

• The History of the origin of the demand and supply

What did Alfred Marshall introduce to analyze the impact of price changes on demand?

• Market equilibrium

• Marginal utility

• Price elasticity of demand

• Effective demand