Scarcity/Supply/Demand/Equilibrium
Not what you're looking for?
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making. Finally give me something other then a text book definition on market equilibrium and explain how it is determined.
Purchase this Solution
Solution Summary
This explanation provides you a comprehensive argument relating to Scarcity/Supply/Demand/Equilibrium
Solution Preview
Scarcity/supply/demand/equilibrium
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making. Finally give me something other then a text book definition on market equilibrium and explain how it is determined.
In economics scarcity means that the wants and requirements of human beings are greater than the capacity to produce goods to satisfy these wants. From a broader perspective scarcity refers to a situation in which the objectives of the society cannot be fulfilled in their entirety. What happens is that there is a need to trade off the production of one goods against another. In economics a resource is said to be scarce when the available resource cannot fulfill the demand. Thus there is scarcity because there is a limited supply of resources.
Opportunity cost on the other hand means the amount of goods and services that must be given up to get something. The opportunity cost of some decision is the value of the next best choice that must be ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
Recent Feedback
- "I read your comments, and thank you for this feedback. Do I need to find other studies that applied this methodology Ive used? That's where I'm stuck at."
- "Thank you kindly sir. "
- "Excellent and well explained. --Thank you kindly. "
- "Awesome notes. I appreciate you."
- "I have the follow-up project and I will assign that to you very soon. "
Purchase this Solution
Free BrainMass Quizzes
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.