Explaining the Law of Demand and Supply in Business Economics

Business Economics

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
1.1 Explain the law of Demand, movement along the same demand curve and changes in
demand curve with its factors......................................................................................................4
1.2 Explain the law of Supply, movement along the same supply curve and changes in supply
curve with its factors....................................................................................................................8
TASK 2..........................................................................................................................................10
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..............10
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
The word "micro" comes from the Greek word "micros" which means short. Therefore a small
scale is characterized by very few units. In single currency cases, monetary exercises of various
small economic units are examined. At the end of the day, invisible individuals, families,
businesses, businesses, casual workers and so on are examined in separate financial matters. For
example, how does a client balance his salary and usage. How a manufacturer manages the
creation in his factory, how the cost of a solitary item such as wheat or clarified butter is
established, and so on. There are several monetary issues which are integrated into individual
financial issues.
This report contains two tasks; 1 and 2. In the first act; an idea of interest and flexible law was
expressed regarding Wal-Mart's retail business; with the help of a card. In task 2; the ideas of the
contemporary 21st and 20th centuries were at odds with the prevailing and prevalent strategic
policies.

TASK 1
1.1 Explain the law of Demand, movement along the same demand curve and
changes in demand curve with its factors
Law of Demand: According to the law of interest, the relationship between goods and their
quantity and value is clarified. The size of a product that is accessible on the market and the
value paid is clarified based on this definition. In the event that the size of an item is accessible
on the market, this necessarily means that its cost will be lower. Be that as it may, if its amount is
lower, it will obviously cost more at that level. For example, if the customer is in love with the
Wal-Mart thing and its cost is high, but his salary is high too, compared to not being too
expensive to even consider paying for a Wal-Mart, at that stage it can take very little effort to
buy that item (Besanko and Braeutigam, 2020).
Movement along the same demand curve:
A change in price causes a movement along the demand curve.