Economics For Business

Economics for business 1NameUnit nameUnit codeDateQuestion 1 (aThe main cause of perplex 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 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 prostrate to some wants as compared to some others . 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 cultivation 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 flake therefore your opportunity cost will be 1500 (139 wordsQuestion 1 (bThe law of demand states that when quantity demanded by consumers append impairment of the commodity increase and vice versa . If we take an deterrent poser of a soft drink e .g . coke past permute in taste and preference in prefer of coke will force the demand curve to jar to the right . Another factor will be change over in income where increase in income will cause more than than people to demand more quantity of the product at the same price thereby causing a delegate to the rightSome of the factors that will cause...If you want to get a full essay, fail it on our website: ! OrderCustomPaper.com

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