Understanding Demand and Supply Analysis for Business Growth and Success

Explaining the Law of Demand and Law of Supply

Demand and Supply analysis are fundamental to any business thus every business must understand its impact and dynamics. Demand and Supply analysis therefore underlines to some extent the growth and success of most businesses in our society today.

Critically analysed the following micro economics concepts with reference to any business of your choice.

1.1 Explain the law of Demand, movement along the same demand curve (with the aid of diagram) and changes in demand curve (with the aid of diagram)

1.2 Explain the law of Supply, movement along the same supply curve (with the aid of diagram) and changes in supply curve (with the aid of diagram).   

TASK 2

Compare and contrast emerging theories and models in 21^st century contemporary economics with those of the 20^th century, and relate both of these to modern business practices