Supply and Demand

SUPPLY AND DEMAND

Table of Contents
Introduction......................................................................................................................................3
1.1 THE BRIEF OF THE LAW OF DEMAND AND THE MOVEMENT ALONG THE
DEMAND CURVE AND CHANGE IN DEMAND CURVE AND EXPLAIN THIS WITH
THE HELP OF THE DIAGRAM....................................................................................................4
EXPLAIN BIRIEFLY THE LAW OF SUPPLY AND THE MOVEMENT ALONG THE SAME
SUPPLYCURVE AND CHANGES IN SUPPLY CURVE WITH THE FACTORS AND WITH
THE DIAGRAMS ..........................................................................................................................8
Task 2.............................................................................................................................................12
20th century economics theories and 21st century economic theories......................................12
Conclusion.....................................................................................................................................15
References......................................................................................................................................16

Introduction
Economics is a concept that governs the creation, circulation and use of elements of products and
initiatives. This idea can be divided into two general classifications; macroeconomics and
microeconomics. Consider the behavior of the economy as a whole (Spencer, 1990).
Contemporary business study is characterized by an update of business methods in the modern
world. It involves adopting the latest strategies to increase the company's profits (Spencer, 1990).
This assessment is related to the clarification of the law of participation and pardon in the context
of the oil industry. Task 2, reflects the comparison between 20th and 21st centuries emerging
theories and models. Additional to this contemporary economics concept has also been discussed
with those of the 20th century.
In this assessment, the oil industry was taken as a reference for understanding the different
notion of interest and the law of grace.

1.1 THE BRIEF OF THE LAW OF DEMAND AND THE MOVEMENT ALONG
THE DEMAND CURVE AND CHANGE IN DEMAND CURVE AND EXPLAIN
THIS WITH THE HELP OF THE DIAGRAM
Law of Demand
The law of demand refers to the various variables, cost and amount of any major administrative
interest and vice versa are identified among them. As the cost of something goes up, interest in
something similar will decrease.
Law of demand explains consumer choice behavior when the value changes. Looking, expect the
various components that influence demand to be stable, when the cost of a reasonable climb
causes a drop in interest of that big one. This is the buyer’s standard decision behavior. This is
because a buyer delays spending more on the big one for fear of leaving money behind.