BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Two factors involved in determining the value of a resource, good, or service are
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availability and trade-offs.
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demand and desires.
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productivity and opportunity costs.
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availability and demand.
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Explanation:
Detailed explanation-1: -A product or service must have utility, desire, scarcity, and effective purchasing power to have a monetary value. These are called the ‘factors of value’, and represent the fundamentals of demand and supply.
Detailed explanation-2: -A demand curve or a supply curve is a relationship between two, and only two, variables: quantity on the horizontal axis and price on the vertical axis.
Detailed explanation-3: -The demand for a good increases or decreases depending on several factors. This includes the product’s price, perceived quality, advertising spend, consumer income, consumer confidence, and changes in taste and fashion.
There is 1 question to complete.