BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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opportunity costs.
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satisfaction.
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popularity.
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trade-offs.
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Detailed explanation-1: -This level of satisfaction is referred to as utility and it differs from consumer to consumer. The demand for a good or service depends on two factors: (1) its utility to satisfy a want or need, and (2) the consumer’s ability to pay for the good or service.
Detailed explanation-2: -For demand to exist, a consumer must want a good or service. The consumer has to be willing to buy the good or service. Finally, the consumer needs the resources to buy it.
Detailed explanation-3: -1. Economists define supply as the quantity of a good or service that producers are willing and able to offer for sale at each possible price during a given time period.
Detailed explanation-4: -Demand refers to the consumer’s desire and willingness to buy a product or service at a given period or over time. Consumers must also have the ability to pay for something they want or need as determined by their disposable income budget. Therefore, demand is a force that affects economic growth and market expansion.