Economics Terminology Free Essay, Term Paper and Book Report
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Economics, not only is this the topic of Mrs. Vs amazing class; however, it is also the study of scarcity, supply, and demand. So the question is then transformed into, What is scarcity? For one, scarcity is the absence of an item or product that is in high demand. For example, as a company, Vertigo Inc. considers time to be scarce. Why? Since we only have one hour per day to make important decision regarding our hologenerator and creating our portfolio projects, time becomes extremely scarce. Also, economics can be described as the study of supply and demand. Or, the companys production compared to the orders received from customers. As the president, I attempt to create equilibrium between the two to guarantee a steady income for Vertigo Inc. As a company we have learned to make the best of what weve got. As the president, I am designated to ensure my businesses productivity is to its fullest during the few hours a week we have together.
Also, the factors of production play an important role in Vertigos success. Price, product, place, and promotion ......
Word Count: 947
Page Count: 3.7 (250 words a page / double spaced)
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