Get premium membership and access questions with answers, video lessons as well as revision papers.
Jean Baptiste Say, in his arguments known as Say’s law or the law of markets, stated that aggregate production necessarily precedes receipts and equal quantity of aggregate demand. That is production creates consumption or supply creates its own demand. Say argued that a product no sooner created that it from that instant afford a market for other products to a full extent of its own value and each of us can only purchase the production of others with our own production as the value we buy is equal to the value we produce. The more the men produce, the more they will purchase (economic growth). Say argues that his law suggests that a general glut cannot occur and if there is surplus of one good then there is unmet demand of another good. That is: if a certain good remains unsold then it is because other goods are not produced. General gluts however do occur during recessions and depressions.
Dana05 answered the question on July 3, 2019 at 11:18
- Discuss the contribution of David Ricardo to the classical theory of economic growth (Solved)
Discuss the contribution of David Ricardo to the classical theory of economic growth
Date posted: July 3, 2019. Answers (1)
- Discuss the contribution of Adam smith to the classical theory of economic growth (Solved)
Discuss the contribution of Adam smith to the classical theory of economic growth
Date posted: July 3, 2019. Answers (1)
- What is a theory?(Solved)
What is a theory?
Date posted: July 3, 2019. Answers (1)
- Give any seven characteristics of less developed countries (Solved)
Give any seven characteristics of less developed countries
Date posted: July 3, 2019. Answers (1)
- Highlight some of the side effects of economic growth and economic development (Solved)
Highlight some of the side effects of economic growth and economic development
Date posted: July 3, 2019. Answers (1)
- State the changes that a country must experience during economic transformation (Solved)
State the changes that a country must experience during economic transformation
Date posted: July 3, 2019. Answers (1)
- Briefly explain the concept of economic transformation (Solved)
Briefly explain the concept of economic transformation
Date posted: July 3, 2019. Answers (1)
- What is underdevelopment as used in economic development (Solved)
What is underdevelopment as used in economic development
Date posted: July 3, 2019. Answers (1)
- Discuss any five obstacles to economic growth and economic development (Solved)
Discuss any five obstacles to economic growth and economic development
Date posted: July 3, 2019. Answers (1)
- Highlight the disadvantages of using social indicators as a measure of economic development (Solved)
Highlight the disadvantages of using social indicators as a measure of economic development
Date posted: July 3, 2019. Answers (1)
- Identify the disadvantages of Gross Domestic Product per capita and Gross National Product per capita (Solved)
Identify the disadvantages of Gross Domestic Product per capita and Gross National Product per capita
Date posted: July 3, 2019. Answers (1)
- State the advantages of Gross Domestic Product per capita and Gross National Product per capita (Solved)
State the advantages of Gross Domestic Product per capita and Gross National Product per capita
Date posted: July 3, 2019. Answers (1)
- Highlight the problems associated with using Gross Domestic Product and Gross National Product as indicators of economic development (Solved)
Highlight the problems associated with using Gross Domestic Product and Gross National Product as indicators of economic development
Date posted: July 3, 2019. Answers (1)
- Give the definition of net property returns from abroad(Solved)
Give the definition of net property returns from abroad
Date posted: July 3, 2019. Answers (1)
- Give the definition Purchasing Power Parity (Solved)
Give the definition Purchasing Power Parity
Date posted: July 3, 2019. Answers (1)
- How is the Gross Domestic Product deflator calculated?(Solved)
How is the Gross Domestic Product deflator calculated?
Date posted: July 3, 2019. Answers (1)
- Give the definition of Gross Domestic Product deflator (Solved)
Give the definition of Gross Domestic Product deflator
Date posted: July 3, 2019. Answers (1)
- What is a base year?(Solved)
What is a base year?
Date posted: July 3, 2019. Answers (1)
- Differentiate between nominal Gross Domestic Product and real Gross Domestic Product(Solved)
Differentiate between nominal Gross Domestic Product and real Gross Domestic Product
Date posted: July 3, 2019. Answers (1)
- Why is it important to adjust the Gross Domestic Product figure?(Solved)
Why is it important to adjust the Gross Domestic Product figure?
Date posted: July 3, 2019. Answers (1)