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We will send you answer file on this email address. Turnitin Report Get it. It refers to availability of limited resources to satisfy our unlimited needs.
Explicitly, resources like manpower, technology, money and raw materials are limited but our needs and demands are unlimited. So, studying Economics helps to make an appropriate decision regarding how to use these resources in order to meet the demand of consumers. The knowledge of this subject helps us discover the reasons for such decision. It also provides idea on making proper decision by researching the need of present market. Take an example of Strawberries production. Lots of strawberries are produced for months in a year.
Some prefer strawberry jam, some prefer preserved juices of strawberry whereas there are many who prefer raw strawberry.
But among several only one product can be produced in extensive manner because of limited availability of strawberry. So, how to decide that which product should be produced more than the other? Hence, the knowledge can be gained by the study of Economics. Our online Economics tutors provide Economics assignment help elaborating the concept of scarcity with some fresh examples.
Supply and demand is a main pillar of market economy. Demand refers to the quantity of a product that people want to buy at a particular price whereas supply refers to availability of product that suppliers are ready to sell at certain price. Hence, the theory of supply and demand explains that how the price for a particular good is fixed.
If the demand of strawberries increases then suppliers must produce more of it to meet the demand. But with increase in demand, prices will rise proportionally. On the other hand, if the price rises, the demand tends to lower down and hence suppliers must lower the price to sell strawberries.
There are certain products that have no alternative and hence even-after a hike in price, consumers still purchase the product. This is just an overview of this concept. To get a simple yet proper explanation to it, contact our online Economics expert. We also provide Economics assignment help on all the topics segmented under this theory of economics. Our online service in Economics will provide you answer on consumer behavior towards market economy.
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Our Economic professionals have further described cost and benefit analysis with an example. Suppose that a company XYZ sends one of its member every day to get the printout done.
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