Tradeoffs
A tradeoff is when something is given in transmute for an different(prenominal). With resources limited at times, tradeoffs ar used to get one thing, composition giving up another. An example of this would be consumption your time doing homework and playing videogames. Since you cant decease all your time playing games, you have to give up some time and spend it on homework, thus using a tradeoff.
Journal #2
Pattern of Production & Trade
Is who produces what and trades with whom. Theyre ground on differences in opportunity costs. An example of this would be preparing for a two different parties. If we had to make 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 making both hot dogs and hamburgers. thusly after were done, we can trade with one another 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, vice versa. An example of this would be the price of McDonalds Big Macs. If the price rises, the demand of big macs will fall. People will get word 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 demand will actually rise.
Journal #4
chewy and Inelastic Demand
Elastic demand is when quantity demanded responds potently to change in price, while Inelastic demand is when quantity demanded does not respond strongly to change in prices. An example of elastic demand is Mcdonalds, if theyre prices are raised too high, people will observe other fast food to eat. But 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 going to Disneyland. Prices range depending on the visitors age....If you essential to get a full essay, order it on our website: Orderessay
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