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Briefly Explain or Draw and Label the Elastic -Rebound Earthquake

question 71

Essay

Briefly explain or draw and label the elastic -rebound earthquake cycle.


Definitions:

Demand

The willingness and ability of consumers to purchase goods or services at various prices at a given time.

Industry

A collection of businesses and companies that produce similar goods or offer similar services within an economic sector.

Invisible Hand

A metaphor coined by Adam Smith to describe how individuals pursuing their self-interest unwittingly contribute to the economic prosperity of society.

Market System

An economic approach wherein the processes of investment, manufacturing, and goods distribution are directed by supply-demand correlation, with a system that freely sets the prices of goods and services.

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