Economic is the study of the production, distribution and consumption of good and services and also economic considers how society provide for its need. Its most basic need is survival which requires food, cloth and shelter. Once those are covered, it can then be looked at more sophisticated commodities such as services, personal transport, and entertainment and so on. According to American Economic Association (2017), “Economics is the study of scarcity, the study of how people use resources, or
Introduction: Price elasticity of demand refers to the degree of sensitivity of the quantity demanded to a change in its price while all other factors affecting demand remain constant. In his book "Economics for C.A. Professional Education Course 1 – Page 113", Sampat Mukherjee stated that the concept of elasticity of demand was introduced by Alfred Marshall in 1890 to measure the market sensitivity of demand. To determine the price elasticity of demand we compare the percentage change in the quantity
Introduction Economic is about how all the goods and services that we want to buy are produced and how we earn the income to pay for them. It also studies how the production and employment system can go wrong and what can be done to fix it. In particular economic highlights specific areas in which the economy can go wrong and policies that can be followed by government in order to make improvement to the outcomes. The discipline is divided into two sections that are micro-economics and macro-economics. According
Advertisements can be used to place the product in the mind of the costumer. A costumer might not need a suit but will want to buy it after watching the advertisement of Raymond. • Social Factors – With increase in jobs more and more people are opting for formal wear. Since Raymond’s is affordable, more people are willing to buy their clothes. • Income- income of the costumer is directly related to the price of the good. More the income
rate Tourist arrival is an important economic activity close to the world, particularly developing country like Malaysia. The exchange rate makes for a major part in affecting the performance of economic growth. A strong exchange rate also plays as a catalyst in encouraging and drawing in investment (Asid et al., 2014). The established political atmosphere and stable economic growth have made Malaysia one of the best prospects for tourist arrival. A strong economic growth is an essential condition for
Identify and explain the main economic factors that affect the demand for a product; the supply of a product and the resulting product price. The main economic factors that affect the demand of a product Price Price is considered the most important factor that affects demand; higher the price of a product, lower the demand and vice versa. Income levels Changes in income levels determine the buying power of an individual, thus an increase in income levels increases their ability to purchase goods
cover under the fixed cost. Every month is the same regardless of how many cars General Motors produced during that period of time. Elements that can influence variable cost are; supply and demand, task difficulty, location and effectiveness. Factors Affecting Fixed Costs Any equipment or technology obtained, specialty built to producing electronically fueled vehicles that can't be modify and utilized for some other new item for generation, is a fixed expense. In manufacturing electronic hybrid vehicles
South Africa. However, the results reached in South Africa were not good as expected. Based on the statistical report of DEA in 2011, South Africa has faced with a number of dangers such as scarce water resources, high level of poverty, diseases, low economic growth… One of the most important reasons that cause these problems is climate change. And the sector easily affected by changing in environment was agriculture, especially farming. Following the status quo, the paper considered the relationship
which drugs use can increase and the fact that it spreads through social contact, 3. The role of enforcement in affecting the price of drugs and the manner in which they are distributed. Simply it is related the law which opposes the drugs and their use. On the basis of addiction, someone might said that drug demand is relatively inelastic or unresponsive to price. But the price elasticity of demand varies across drugs (heroin,
for college students in England than their research profiles (Price, 2003). Foskett (2006) found that students consider more carefully economic factors in times of distress and financial difficulty. These factors include job opportunities to increase their incomes, accommodation costs and family home closeness. James (2000) distinguishes a range of factors affecting the course preferences including: the reputation of the course among employers; graduates contentment from the course; graduate employment