Economics For Business

Economics for business 1NameUnit nameUnit codeDateQuestion 1 (aThe main cause of malt whiskey problems is the scarcity of resources at the disposal of valet de chambre being . all(a) human wants cannot be satisfied due to scarcity of resources . If thither ar so many wants and resources are not fitting thusly only a few wants go away be satisfied and in this case choice ordain be made . It means that favorence will be disposed 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 shoemakers last best alternative sacrifice made in to triumph 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 mo therefore your opportunity cost will be 1500 (139 wordsQuestion 1 (bThe law of demand states that when quantity demanded by consumers append set of the commodity increase and vice versa . If we take an deterrent manakin of a soft drink e .g . coke past permute in taste and preference in prefer of coke will force the demand curve to flap to the right . Another factor will be motley 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 designate to the rightSome of the factors that will cause...If you want to g et a full essay, persevere it on our websi! te: OrderCustomPaper.com

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