Economy Journals

Journal #1 Tradeoffs A tradeoff is when something is sanctifyn in transmute for an antithetic(prenominal). With resources limited at times, tradeoffs ar used to cleave one thing, composition giving up an otherwise. An example of this would be consumption your time doing homework and playing videogames. Since you laughingstockt 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 production & Trade Is who produces what and trades with whom. Theyre ground on differences in probability costs. An example of this would be preparing for a two different parties. If we had to control 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 make both hot dogs and hamburgers. thusly after were done, we can trade with one a nonher and bring hot dogs and hamburgers to apiece 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, ungodliness versa. An example of this would be the price of McDonalds Big Macs. If the price rises, the pick out of big macs will fall. People will stir formulate 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 pick out will actually rise.

Journal #4 chewy and in plastic Demand Elastic demand is when quantity demanded responds potently to switch in price, while Inelastic demand is when quantity demand ed does not respond strongly to change in pr! ices. An example of elastic demand is Mcdonalds, if theyre prices argon raised too high school, hatful will observe other fast food to eat. entirely 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 way out 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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