Explain briefly the type of business, the background of the company, and the type of product produced.
Relate the economic concept of scarcity, choice, and opportunity cost to the product. Relate the economic problem of what to produce. how to produce? how much to produce? and for whom to produce? with the company.
Relate the product price to the Law of Demand and the Law of Supply.
Relate the concept of elasticity of demand or elasticity of supply for the product. With determinants of elasticity, diagram, and calculation.
the concept of equilibrium and the concept of government intervention in the product.
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