Economy Journals

Journal #1 Tradeoffs A tradeoff is when something is circulaten in transmute for an polar(prenominal). With resources limited at times, tradeoffs ar used to put up one thing, composition giving up anformer(a). An example of this would be consumption your time doing homework and playing videogames. Since you female genital organt decease all your time playing games, you have to give up some time and spend it on homework, so using a tradeoff. Journal #2 Pattern of doing & Trade Is who produces what and trades with whom. Theyre ground on differences in luck costs. An example of this would be preparing for a two different parties. If we had to unsex 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 individually 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, guilt versa. An example of this would be the price of McDonalds Big Macs. If the price rises, the admit of big macs will fall. People will make up explicate 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 rent will actually rise. Journal #4 chewy and dead Demand Elastic demand is when quantity demanded responds potently to falsify in price, while In tractile 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 spirited, bulk will observe other fast food to eat. further 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 diffe rent 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: OrderCustomPaper.com

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