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The paper has analyzed on the demand and supply curve which helps us to analyze the economy of a certain nation.

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Preview of the essay: DEMAND AND SUPPLY ANALYSIS

DEMAND AND SUPPLY ANALYSIS The economy’s choice is what to use its factors of production to produce in order to achieve utility for the people. These factors are labor, capital and natural resources. Labor is the use of humans to produce and can be increased through increasing the quantity of labor. Alternatively, you can increase the human capital by training and skill acquisition. Capital is another factor. This factor is produced in order to produce other goods or services. It may be physical, intellectual or monetary. A natural resource is one that is found naturally, that is no human production, and is used to produce goods or services. It is any naturally found resource that gives utility to people. These factors of production are put ...

... is elastic if the elasticity is greater than 1 meaning that the supply responds to greatly to change in price. Price elasticity is heavily influenced by time. Certain goods vary in elasticity in relation to the period within which they experience a price change. There may also be other factors such as inability to substantially increase supply in the period under consideration e.g. renting apartments. In the long-run the elasticity may be greater as there is more time to adjust for increased supply. The labor market also has interesting labor applications. There are some segments that actually experience a negative elasticity, with an increase causing a cutback in the number of hours they work and create more hours for labor, especially high paying jobs.
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