Economics For Business

Economics for business 1NameUnit nameUnit codeDateQuestion 1 (aThe main cause of torment problems is the scarcity of resources at the disposal of clement being . all(a) human wants cannot be satisfied due to scarcity of resources . If thither be so many wants and resources are not fitting so only a few wants go away be satisfied and in this case choice exit be made . It means that favourence will be given up to some wants as compared to opposites . The wants which have greater importance will be satisfied first and this selection is known as choice (mishkin 2001The opportunity cost of a commodity is the occlude best alternative sacrifice made in to die hard that commodity .

For instance if you are offered two jobs one paying(a) 2000 and the other 1500 , when you choose the first job you will vacate the foster therefore your opportunity cost will be 1500 (139 wordsQuestion 1 (bThe law of demand states that when quantity demanded by consumers append harm of the commodity increase and vice versa . If we take an deterrent exemplification of a soft drink e .g . coke so permute in taste and preference in prefer of coke will force the demand curve to sway to the right . Another factor will be miscellany in income where increase in income will cause to a greater extent than people to demand more quantity of the product at the same price thereby causing a channelize to the rightSome of the factors that will cause...If you want to get a full essay, fulfill it on ou! r website: OrderCustomPaper.com

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