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a. State Le Chatelier's principle
b. The following reaction is at equilibrium in a closed container:
2Fe(OH)3(s) Fe2O3(s) + 3H2O(g) H°rxn > 0
What effects, if any, will the following actions have on the position of equilibrium? In each case, state the direction of any shift in equilibrium, and give your reasons in one sentence.
(i) adding more Fe(OH)3
(ii) raising the temperature
(iii) adding a catalyst
Productivity
Productivity measures the efficiency of production in terms of the amount of goods and services produced from a given amount of inputs, such as labor and capital, within a specific period.
Derived Demand
Derived demand refers to the demand for a good or service that originates from the demand for another good or service.
Final Demand
The demand for finished goods and services by consumers, businesses, and government, excluding intermediate goods.
Selling Price
The amount of money for which something is sold, determining the profit or loss made from a transaction.
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