For this assignment, you will apply the concepts of supply and demand analysis concepts to a specific good or service you use in your everyday life. In your paper, include a discussion of the following as subheadings in your paper:
Complete your using Microsoft Word and use the proper APA format. must be at least 1500 words. Note that your work will automatically be submitted to Turnitin for plagiarism review.
In this section of the course, we’ll learn how to describe the good. The goal is to give a clear and concise description of the product or service that you’re selling or providing. In so doing, it will help people make a buying decision.
Goods are tangible, durable, and have a measurable value. Goods are the products of human labor. Goods are objects of consumption: they can be classified as consumer goods or capital goods depending on their function in production and exchange (goods used directly by consumers).
Goods are physical objects that can be used over and over again. For example, a chair is a good. It has a physical form, meaning it can be seen and touched. Goods have an intrinsic value because they have some use in the world; they give us something to do or make us feel better about ourselves.
Goods also have an exchange value: when you buy something new off the shelf at a store, you pay money for it because other people want your stuff too! This means your item will sell well on its own without being sold together with other products to make more money for yourself (as long as there aren’t any experiences associated with buying these items).
This is a great example of how to use supply and demand. It’s simple, yet it works!
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