Explaining the Law of Demand and Supply in Contemporary Business Economics

Contemporary Business
Economics

Table of Contents
TASK 1............................................................................................................................................3
1.1 Explain the law of Demand, movement along the same demand curve (with the aid of
diagram) and changes in demand curve (with the aid of diagram)..............................................3
1.2 Explain the law of Supply, movement along the same supply curve (with the aid of
diagram) and changes in supply curve (with the aid of diagram)................................................5
TASK 2............................................................................................................................................6
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...............6
REFERENCES................................................................................................................................9

TASK 1
1.1 Explain the law of Demand, movement along the same demand curve (with the aid of
diagram) and changes in demand curve (with the aid of diagram).
The aspect of law of demand is associated with the amount which is paid by people for a
particular service or product. In this is considered that concept of demand totally focuses upon
the requirements within the basic requirements of a person who stop it is managed that different
differences of needs and tastes among the customers focused upon by managing the customer
review. There are sometimes when product is not available by the customer and in this they have
to manage the payments for products can stop then there is no effect on the demand. It is also
provided that when there is deep understanding regarding the particular and finances which are
to be paid is known as price will stop the main amount which is provided by the purchase on unit
of different products and services is particularly depending upon the demand. It is also
considered that when there is decrease within price and quantity of that product will increase but
then market will stop but is also experienced that when price of cereal in market increases in
demand automatically declines (Bolton and et.al, 2020). There are different people who require
their time to consume more production services when they the price is cheap. The same
economics have provided their viewpoints upon the management of relationships regarding
quantity and price for stop they have been focusing more upon the conclusion of variable that
depends upon constant factor of price and quantity. There is fundamental similarity among the
slope which is going from left to right that signifies increase in price and quantity decrease
would stop it can be set that quantity is automatically declining in context of demand. It can be
said that it is changed only upon them and consistency and associated with shift from the demand
go we stop it is also signified that different elements are associated with demand which includes
substitute product, preference for income and population which are getting affected by the
management (Coester, Hofkes and Papyrakis, 2018). It is considered that change between
quantity demanded is defined as the movement of demand go within the association of change in
price value. There are different terms within present days which are associated with demand
called and they do not move enough with my room. According to the girls showed in graph, it is
implied that a lot of difference is present between quantity demanded and the areas where there