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There are four key concepts in Economics, namely, Scarcity, supply and demand, costs and benefits and Incentives. Furthermore, Economics is divided into two prime portions such as Microeconomics and Macroeconomics.
Supply and Demand
Source: Foundation for Economics
Supply and demand power a financial structure. For example, alcohol is a commodity that has been high in demand across the globe. The market for alcohol is considered strong because more people choose to buy beer and pay a higher price for it. As a result, using wheat to make beer will enable you to churn more profit on average than using wheat to make a meal.
Hypothetically, this might lead to a scenario where more people start to produce beer eventually flooding the market with its supply. After a few cycles of production, there would be so much beer on the market that the supply of beer would increase and the price of beer would drop as the supply would be more than the demand.
Scarcity addresses the simple economic dilemma that the planet has minimal – or insufficient – resources to satisfy virtually limitless desires, and this fact requires citizens to make the most effective choice about whether to distribute resources. Because of scarce resources, people are continually making decisions that are dictated by their costs and advantages, as well as by the rewards provided by the various acts.
Business Management covers those concepts and principles that are devoted to organizing, analyzing and planning numerous types of business operations. The Curriculum of a business graduate may include a lot of assignments on numerous analytical topics. Our experts are all masters in the subject matter.
However, our experts have condensed a few important theories of business management to explain for this article.
Porter's Five Forces is a framework for profiling and analyzing an organization’s competitive space. These are the number and power of an organization’s competitive rivals, potential new players in the market and substitute products that could influence an organization’s profitability.
Five Force analysis can be aggressively deployed to make good use of business strategy and competitive advantage.
Porter's five forces are:
For example, competition stands for competitive rivalry, that suggests that an organization should be able to look beyond the competition’s strength and should instead analyse the number of competitors and their qualities that equate them with you.
Porters also suggest maintaining a balance between the supplier power and buyer power by analyzing the strength and number of suppliers and buyers. By increasing the number of buyers, you as a seller can gain relatively more power and autonomy, while having multiple sellers for the same commodity could negatively impact profits and your sales figure.
The threat of substitution may advocate that consumers constantly try to find a better and an alternate route to the results they get from your product. For example, if you are having a product that helps your car keep clean, they will find a way to replace that product with physical labour and perform more tasks manually instead of paying for the service. Thus, acts like these could impact your long term profitability and performance.
Laws have evolved as social antidotes to conflicts that are established and maintained according to governments, judiciaries and constitution of the land. Laws are enforced by the sovereign political authorities and have been carried out by lawyers, juries and judges. Law students undergo numerous tests and assignments as part of their curriculum. Our experts can help them manage their time and write their Law assignments for them.
Public law is the part of the law that regulates relationships between individuals and government and the relationships between people that affect society directly.
This law regulates the relationship amidst various arms of federal governments and its citizens. This is the law responsible for granting legal rights and civil liberties to citizens.
This law contains provisions to regulate the administrative activities of the government. It also enables citizens to hold governments and local administrative bodies accountable for their actions. This law governs the administrative body like federal governments and jurisdictions to take actions against any administrative flaw in the execution.
This is the law that safeguards citizens, organizations and other bodies from damage inflicted by others. Tort means a civil wrong, and breach of a contract may come with repercussions. Few recognized torts can be seen as trespass, negligence, defamation, and nuisance. Tort law also stands valid for big organizations and corporations that can charge against each other of defamation in advertisements.
This law regulates promises and agreements between bodies. A contract, by the authority of law, is legally enforceable to a certain extent.
Presented in the article were a few subjects that our experts can help with. However, our experts are not limited to these subjects only. We boast of our subject matter experts from different backgrounds that can handle a wide array of disciplines.
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