Understanding Economic Concepts and Models in Business Environment

Verified

Added on  2023/06/14

|15
|604
|234
AI Summary
This presentation discusses the concepts of microeconomics, law of demand, elasticity, supply, law of supply, factors affecting demand and supply, and change in supply curve in the business environment. It also highlights the impact of rising shipping costs on trampoline prices in the UK. Desklib offers study material, solved assignments, essays, and dissertations on these topics.

Contribute Materials

Your contribution can guide someone’s learning journey. Share your documents today.
Document Page
Business Environment

Secure Best Marks with AI Grader

Need help grading? Try our AI Grader for instant feedback on your assignments.
Document Page
Table of contents
Introduction
Trampoline's profit Issues
Concept of microeconomics
Law of Demand
Factors affecting demand
Elasticity in demand
Supply
Law of Supply
Factors affecting supply
Change in supply curve
Conclusion
References
Document Page
Introduction
Business environment refers to sum
total of all the factors external to the
venture and which greatly influence
the overall functioning of the
business. Economics is the branch of
study which ensures the production,
consumption & also the transfer of
wealth.
Document Page
Trampoline's profit Issues
According to BBC News, increasing
shipping cost of trampoline is causing the
rising price of the trampoline in United
Kingdom and it is being stated by one of
the game retailer. Outdoor Toys owner
named James Owen stated that there is the
signifiant change in the high shipping cost.

Secure Best Marks with AI Grader

Need help grading? Try our AI Grader for instant feedback on your assignments.
Document Page
Concept of Micro economics
There is basically the two concept of
economics, demand and supply
which are ensuring the flow of goods
and services in the large market.
Demand refers to the desire of the
individual in order to purchase the
particular goods and services
Document Page
Law of demand
Law of demand stated that there is inverse
relationship between the prices and the
quantity demand of the particular goods and
services.
Document Page
Factors affecting demand
Price of goods and services
Income of the consumer
Price of related goods
Taste an preferences of the
customers
Customer expectations

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
Elasticity in Demand
This is called as the change in the
demand curve due to change in the
various factors that influence the
shift in the entire demand to the
right or left due to change in the
various such as prices of goods
Document Page
Supply
Supply refers to the fundamental aspects
which explains the available amount which
is available for the particular goods to its
buyer.
Document Page
Law of supply
It have stated that there is the
positive relationship between the
prices and quantity supplied in the
large market. There is no such
change in the factors but some of
the aspects such as rising
production cost may implied in
increasing the overall sale of the
commodity

Secure Best Marks with AI Grader

Need help grading? Try our AI Grader for instant feedback on your assignments.
Document Page
Factors affecting supply
Costs of production
Government Subsidies
Technology
Weather
More firms
Document Page
Change in Supply Curve
This refers to the shift in the supply curve
due to the change in the various aspects
that includes technology, production cost,
tax rates of the company. When the
supply of products rises then the supply
curve move to right from s0 to s1 and
decreases in the supply of the goods then
the supply curve shifts to left from s0 to
s2.
Document Page
CONCLUSION
From the above presentation, it is concluded that
economics is the branch of study which in engaged in
production, consumption and transfer of owner.
Demand and supply are the two major factors which
ensures the flow of products and services in the large
market

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
References
Hymel, K., 2019. If you build it, they will drive:
Measuring induced demand for vehicle travel in urban
areas. Transport policy. 76. pp.57-66.
Quddus, M.A. and et.al., 2019. Managing load
congestion in electric vehicle charging stations under
power demand uncertainty. Expert Systems with
Applications. 125. pp.195-220.
Chakraborty, D. and et.al., 2019. Demand drivers for
charging infrastructure-charging behavior of plug-in
electric vehicle commuters. Transportation Research
Part D: Transport and Environment. 76. pp.255-272.
Document Page
Thank You
1 out of 15
circle_padding
hide_on_mobile
zoom_out_icon
[object Object]

Your All-in-One AI-Powered Toolkit for Academic Success.

Available 24*7 on WhatsApp / Email

[object Object]