Economy Journals

Journal #1 Tradeoffs A tradeoff is when something is eatn in transmute for an diametrical(prenominal). With resources limited at times, tradeoffs ar used to beat out one thing, composition giving up an otherwise. An example of this would be consumption your time doing homework and playing videogames. Since you tidy sumt decease all your time playing games, you have to give up some time and spend it on homework, indeed using a tradeoff. Journal #2 Pattern of employment & Trade Is who produces what and trades with whom. Theyre ground on differences in prospect costs. An example of this would be preparing for a two different parties. If we had to ramp up a certain rate of hot dogs and hamburgers, itd be more efficient for me to do the hot dogs while a friend do the hamburgers, sort of than both of us devising both hot dogs and hamburgers. thusly after were done, we can trade with one a nonher and bring hot dogs and hamburgers to each of our parties. Journal #3 Law of Demand This states that the meter pauperismed of a swell falls when the worth of a good rises, transgression versa. An example of this would be the price of McDonalds Big Macs. If the price rises, the petition of big macs will fall. People will point backchat for alternatives to eat rather than paying for an overpriced burger. On the other hand, if big macs go on the value menu for $1, the hold will actually rise.

Journal #4 chewy and inflexible Demand Elastic demand is when quantity demanded responds potently to spay in price, while In flexible demand is when quantity demanded does no t respond strongly to change in prices. An e! xample of elastic demand is Mcdonalds, if theyre prices ar raised too richly, slew will observe other fast food to eat. moreover when gas prices are raised, its inelastic because people are in acquire of gas no matter how high the prices spike. Journal #5 monetary value Discrimination Is when different prices are given to different consumers. An example of this would be acquittance to Disneyland. Prices range depending on the visitors age....If you essential to get a full essay, order it on our website: OrderCustomPaper.com

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