Law of Demand and Supply: Explained with Diagrams

SUPPLY AND DEMAND

Table of Contents
Introduction......................................................................................................................................3
1.1 EXPLAIN THE LAW OF DEMAND, MOVEMENT ALONG THE SAME DEMAND
CURVE (WITH THE AID OF DIAGRAM) AND CHANGE IN DEMAND CURVE WITH
FACTORS (WITH THE AID OF DIAGRAM)..............................................................................4
EXPLAIN THE LAW OF SUPPLY, MOVEMENT ALONG THE SAME SUPPLYCURVE
(WITH THE AID OF DIAGRAM) AND CHANGES IN SUPPLY CURVE WITH ITS
FACTORS (WITH THE AID OF DIAGRAM)..............................................................................8
Task 2.............................................................................................................................................11
20th century economics theories and 21st century economic theories........................................11
Conclusion.....................................................................................................................................14
References......................................................................................................................................15

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 EXPLAIN THE LAW OF DEMAND, MOVEMENT ALONG THE SAME
DEMAND CURVE (WITH THE AID OF DIAGRAM) AND CHANGE IN
DEMAND CURVE WITH FACTORS (WITH THE AID OF DIAGRAM)
Law of Demand
The law of demand states that various variable variables, the 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.