Make a list of goods that you want. How the study of economics become useful in preparing it. Explain?
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Answered by
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Following is the list that I want..
1 . an iPhone
2. Gold
3. Basmati Rice
economic effect
iPhone - I am not able to buy An iPhone because It is an luxury good or status good. There is a higher demand of this product that's why it price is so High. Higher than what my pocket allows.
Gold - Gold is scare in relation to it's demand. Which results in lesser of supply, which leads to hike in price.
Basmati Rice - Since production of Basmati Rice is relatively less than its demand. Since everyone want Basmati Rice but it cannot be fulfilled due to its limited production. This eventually leads to hike in price.
hope it helps
#jerri
1 . an iPhone
2. Gold
3. Basmati Rice
economic effect
iPhone - I am not able to buy An iPhone because It is an luxury good or status good. There is a higher demand of this product that's why it price is so High. Higher than what my pocket allows.
Gold - Gold is scare in relation to it's demand. Which results in lesser of supply, which leads to hike in price.
Basmati Rice - Since production of Basmati Rice is relatively less than its demand. Since everyone want Basmati Rice but it cannot be fulfilled due to its limited production. This eventually leads to hike in price.
hope it helps
#jerri
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4
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