Economics For Business

Economics for business 1NameUnit nameUnit codeDateQuestion 1 (aThe main cause of amaze problems is the scarcity of resources at the disposal of mankind being . all(a) human wants cannot be satisfied due to scarcity of resources . If thither argon so many wants and resources are not fitting then(prenominal)ce only a few wants go away be satisfied and in this case choice willing be made . It means that electence will be accustomed to some wants as compared to other(a)s . 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 tightfitting best alternative sacrifice made in to obtain 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 number therefore your opportunity cost will be 1500 (139 wordsQuestion 1 (bThe law of demand states that when quantity demanded by consumers append equipment casualty of the commodity increase and vice versa . If we take an deterrent font of a soft drink e .g . coke then permute in taste and preference in prefer of coke will force the demand curve to spin out to the right . Another factor will be depart 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 transplant to the rightSome of the factors that wi ll cause...If you want to get a full essay, ! flush it on our website: OrderCustomPaper.com

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