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TASK 1 – 60% (1500 words)
Critically analyse the following micro economics concepts with reference to any retail business of your choice.
1.1 Explain the law of Demand, movement along the same demand curve (with the aid of diagram) and changes in demand curve with its factors (with the aid of diagram). 30 marks
1.2 Explain the law of Supply, movement along the same supply curve (with the aid of diagram) and changes in supply curve with its factors (with the aid of diagram). 30 marks
TASK 2 – 40% (1000 words)
Compare and contrast emerging theories and models in 21st century contemporary economics with those of the 20th century, and relate both of these to modern business practices. 30 marks
BUSINESS ECONOMICS
by (Name)
The Name of the Class (Course)
Professor (Tutor)
The Name of the School (University)
The City and State where it is located
The Date
This report examines the laws of demand and supply as well as the 20th and 21st-century economic theories. The objective is to define the microeconomic rules that influence demand and supply of a commodity; also, to discuss alternative economic approaches and their implication to business practices. The findings of the report depict that the law of supply and demand decides the price and volume of goods to be sold. Besides, it concludes that the Common Theory and the Theory of Fiscal Stimulus are the most predominant theoretical models that explain economic activity in both the 20th an 21st century.
Business Economics
In a market, supply and demand influence the price...
