Identify two microeconomics and two macroeconomics principles or concepts from the simulation/ video. Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics. The main concepts displayed in the video are the law of supply and law of demand. These concepts are common to microeconomics and macroeconomics. Law of supply is a positive relationship between quantity of goods and services and its price. When price of a good rises, the quantity supplied of the good increases accordingly. With much higher price producers are willing to supply more goods and services. Law of demand depicts negative ...
Essays on Apple Cider
3 samples on this topic
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Changes in Market Equilibrium
The interaction of the forces of demand and supply determines the equilibrium price and quantity in a perfectly competitive market. A market is in equilibrium when no buyer or seller has any incentive to the change in the commodity that he or she buys or sells at the given price. The equilibrium price of a commodity is the price at which the quantity demand of a commodity equals the quantity supply and the market clears. The process by which the equilibrium is reached is shown by the intersection of the demand and supply curve of the commodity.
Summary of the Video
The video " ...
European Union Law on Free Movement of Goods, Customs Duties, and Internal Taxation
Qstn 1: An Italian measure banning the import of sheep from Germany and Austria where there have recently been outbreaks of the highly contagious Mutton Flu, a disease which could potentially be transmitted from animals to humans. Notably, the European Union boasts of its ability to react quickly to in response to disease outbreaks that may lead to further infection. As the world largest trade front, Pirker (2012) states that the Union has established measures that protect the nations’ livestock and humans from contracting diseases from export of animals and animal products. Measures include a harmonized surveillance among other controlled ...
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