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Subject:
Mathematics & Economics
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Essay
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English (U.S.)
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Topic:
Economic Concepts and Their Relevance to Today’s Economy
Essay Instructions:
Instructions:
Writing Assignments. You will read Chapter 8 from New Ideas from Dead Economist.
1) What did you learn about economic concepts from this chapter?
2) How are these ideas are relevant to today’s economy?
Then your answer which should be 2 paragraphs or more.
P.S: You need to answer those 2 questions about chapter 8. Write answers to those questions with space between 2 paragraphs, so I can see where did you stop answering 1 question and where did you start with the second question. Thank you!
Essay Sample Content Preview:
Economic Concepts and their Relevance to Today’s Economy
Students Name
Name of Institution
I have learned about the law of demand which states that people buy more of a good when the price fall. When prices of products and services are high in the market the number of consumers purchasing them are few. When a company reduces the price of a product to an affordable price both the low income and high income earners consumer base grows remarkably. For the company to make profits then it has to check on the labor cost, production cost and also lobby for reduced tariffs charged. Economic growth is realized when the business in the market grow, expand and at the same time make profits and the government benefits from the licenses and taxes charged on the products and services sold to consumers.
The law of demand is applied most businesses...
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