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What Are the Three Basic Factors That Determine the Market

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What are the three basic factors that determine the market price of a product?


Definitions:

Rational-legal Authority

A form of leadership where authority is legitimized by legal rules and regulations, and is exercised by officials according to their administrative roles.

Semi-nomadic Lifestyle

A way of life for some cultures that involves moving seasonally while maintaining some fixed habitation.

Harvesting Season

The time of year when crops are ripe and ready to be gathered, varying according to the type of crop and geographical location.

Permanent Settlements

Communities where people reside long-term, building infrastructure and developing societies in contrast to nomadic lifestyles.

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