Contemporary Business Economics

CONTEMPORARY BUSINESS ECONOMICS

Contents
INTRODUCTION:..........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 What are the law of demand? Discuss the movement and changes in demand curves along
with the factors................................................................................................................................3
1.2 What are the law of supply, its movement along the supply curve and the changes in
the supply curve along with the factors?......................................................................................6
TASK 2:...........................................................................................................................................8
Give the relation between the emerging theories and models in 21st century contemporary
economies with those of the 20th century, and to relate the two of these modern business
practices.......................................................................................................................................8
CONCLUSION:...........................................................................................................................9
REFERENCES:.............................................................................................................................10

INTRODUCTION:
This model is to determine how the prices will distinct as per the balance among the presence of
product on every supply of price and the needs of those with purchasing power in every demand
of price. The following graphs represents a right to raise a demand that is d1 and finally the
quantity supply curves which is moving towards d2 with a newly market which is clearing the
requirements to attain the equilibrium point.
The term microeconomics is the study related to economics which studies how the individual
components of an economy, families and the branches and to specifically consider the allocation
of limited sources in those markets where those goods and services are purchased and sold.
microeconomies also emphasis on how these conclusion and the attitudes affects the supply and
the needs of ranges, goods and services. In contrast the macroeconomies, includes the all over
addition of those practices which are linked with the growth, inflation and unemployment.
Microeconomies also defines the effects of economics of policies on the aspects of economies
which were earlier discussed. This model also contains the study related to the law of demand
and supply and the concept of contemporary economies with reference to century 20th and 21th.
The biggest retail selected company was walmart, which was ranked first among the retail
companies and wholesale companies around the world.( Curtis 2018)
TASK 1
1.1 What are the law of demand? Discuss the movement and changes in
demand curves along with the factors.
Law of demand: In case of microeconomies, the law of demand is a prime factor which states
that the other factors are being kept constant and the demand for price and quantity of any goods
and services are associated to one another inversely. Or in other words when other things
remains constant states that when the rates for commodity is less, the required amount of it
becomes more. In contrast, when the price of the commodity is high, the asked amount
decreases. It is quite clear from the definitions stated that the law of demand define the inverse
relation between the quantity and commodity and the price of commodity, and when the price of
commodity is exactly equal to that of other things, then the requirements for it lowers down
when the actual value of commodity decreases and the quantity demanded for that particular
product was raises. But here the law of demand is unable to explain that how much the quantity
of the commodity will rises , if the price of commodity decreases and how much the quantity of
the commodity will decrease when the value of the commodity is much more.

Movement with the same demand curve
There are a series of factors which can state the quantity demanded which can clear out that the
demand curve is formulated on the basis of the determinants of the demand except the price
which remains unchanged. And then the question arises that what happens when one of the
determinants changes the question? The solution for this is to construct a new demand curve
which is if there is any variation caused in one determinants due to an other then it produces an
increase in demand. For example to increase in income the overall graph is shifted to right and in
contrary of each price, the demanded quantity will be much more. At the price p the quantity is
equal to q0 was demanded, and a quantity q1 is demanded and d1 is not particularly parallel to
d0. Instead of this variation of one of the other determinants request then causes a fall,that is the
curve will move to the left side. To make a difference between curve displacements and the
movements with the curve, the variation of the requirement function by the variation of the
quantity demanded. (Estola 2017 )
The formation in the interest bend takes place only when the ware activities coverts into both the
interest and the value, which makes the bend to move in a specific way. The formation of the
interest bend makes a change in to two parts for example the request for cost and amount , which
starts with one point then to the other. Then there are several things which remained unchanged
when the amount of interest changes due to the settlement of cost of an item or product, which
creates a major popular production with the bend and it can take place in following two ways
that is the upward development and the downward development.