Changes

<br>Quantity-$12

<br>Quantity-$12

:Correct again.

:Correct again, but no "$" on quantity.

3.When the supply of a good or service increases, such as increasing the number of oil wells, what happens to the market price of oil? Explain. When the demand for a good a good or service increases, such more people driving cars that need gasoline (refined oil), what happens to the market price of oil? Explain.  

3.When the supply of a good or service increases, such as increasing the number of oil wells, what happens to the market price of oil? Explain. When the demand for a good a good or service increases, such more people driving cars that need gasoline (refined oil), what happens to the market price of oil? Explain.  

12. Compare "equilibrium" in economics to "equilibrium" in other fields (such as chemistry or physics) or in life itself (such the flow of traffic on highways), using specific examples.  

12. Compare "equilibrium" in economics to "equilibrium" in other fields (such as chemistry or physics) or in life itself (such the flow of traffic on highways), using specific examples.  

Equilibrium in economics is when the supply meets the demand. It is the perfect balance in the economic world. The right amount of shirts in a store is considered equilibrium because the amount of shirts that people want to buy meets the amount of shirts they have in the store. Equlibrium in biology is the balance within a living organism. The human body is made up of all different parts which are in their own way very important. For example, if one of the organs in our body did not function correctly, we would not be able to survive. The body would be unbalanced and certain bodily functions would not be completed. We could not substitute it with a totally different organ. It would not work because the perfect balance would not be mantained. We were made perfect for our task in the world and if we tamper with that, everything would go wrong.

Equilibrium in economics is when the supply meets the demand. It is the perfect balance in the economic world. The right amount of shirts in a store is considered equilibrium because the amount of shirts that people want to buy meets the amount of shirts they have in the store. Equilibrium in biology is the balance within a living organism. The human body is made up of all different parts which are in their own way very important. For example, if one of the organs in our body did not function correctly, we would not be able to survive. The body would be unbalanced and certain bodily functions would not be completed. We could not substitute it with a totally different organ. It would not work because the perfect balance would not be maintained. We were made perfect for our task in the world and if we tamper with that, everything would go wrong.

:Terrific essay.  Could use as a model.

:Terrific essay.  Could use as a model.

: Well done again!  Score: 68/70 plus 40/40 equals 108/110.  Congratulations!--[[User:Aschlafly|Andy Schlafly]] 17:14, 18 September 2009 (EDT)

: Well done again!  Score: 68/70 plus 40/40 equals 108/110.  Congratulations!--[[User:Aschlafly|Andy Schlafly]] 17:14, 18 September 2009 (EDT)