What do you understand by the following economic concepts and how can each be used in managerial decisions of a company or organization?
scale of preference
Explain the difference between substitution effect and income effect
what is the difference between changes in the quantity demanded and changes in demand
what is the difference between normal and inferior goods
explain the difference between business risk and financial risk
What is the difference between the supply schedule and the supply curve
What is meant by demand
What are the factors affecting demand
what is meant by supply
what are the factors affecting supply
Draw and label a market equilibrium curve
show shortage and surplus areas in your graph
what is the difference between surplus and shortage
How can your graph be used to make managerial decisions?
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