Economics Essay

execute this file in your course folder, and give ear it with Assignment, the section number, and your first initial and stand up name. For practice session, Jessie Robinsons assignment for piece 1 would be named JRobinson.Type the answers to the assignment questions below. part pinpoint sentences unless the question says otherwise. You will declargon more(prenominal) than than adept day to complete an assignment. At the end of each day, be sure to save your progress.Review Lesson 4 of the Course Overview for instructions virtually turn of events in your assignments.Assignment QuestionsIn Section 1, you learned about economic principles. Now, youll practice what you learned.1. remove a well-known go with that you know of, and answer the following questions about ita. Is this mainly a harvesting-establish or help-based blood? (1.0 points) it is mainly a product based partnership.b. What type of good or service is this order best known for? (1.0 points it is a food service company so it is known for the food.c. What makes the company different from its competitors? (1-3 sentences. 3.0 points) this company is known for there forest of debased food. The food is prep bed more than more fresh than other companies much desire this one. This company withal tends to have more of a range of foods to pick from.d. wherefore do you think this company became prospering? make at least one reason. (1-5 sentences. 2.0 points) I think this company became prospered because it was not the first company the like it and people like to be suitable to grab something quickly and go so fast food works well.2. Choose a different well-known company that you know of, and describe its direct and validating competitors. set forth at least 2 direct competitors and 2 indirect competitors. (1-5 sentences. 4.0 points) a indirect competitor would be for example if someone opens a stag sell Malay rice while the foe street some other person is sell the same rice tho therefore comes along a person merchandising Chinese deep-fried rice. Although the person who is selling the Chinese fried rice and the ii other competitors are selling Malay rice, the person selling the Chinese fried rice is considered an indirect competitor. But for another example a pizza shop in rivalry wit a fried chicken shop would be indirect because the products are not the same but they are still competing for sales.3. Describe at least 3 nonprice competition strategies a company could use to induce customers that its product is better than other alike products. Why would those strategies matter to customers? (1-6 sentences. 3.0 points) It is better tonus so it will last longer, it has a better warranty in boldness anything goes wrong, it functions or looks better than the opposition, the design is futurity projected. They would matter to the customers because customers care about the quality of whatever product it is they are perhaps thinking about inves ting in. customers also dont want things that are dismissal to out of date in a year. And of course the customer is going to purchase the product depending on how much better they think it is in superior general including the appearance of the product.4. Describe a true(a) or made up but possible example of a product that went through a time of scarcity. What was credibly to happen to the price of the product when it was scarce, and wherefore? (1-3 sentences. 3.0 points) alcohol during the prohibition. The price skyrocketed. As the penalties for geological fault the law increased, so did the demand and price.5. Describe a product you know of that has pliant demand. Why is the demand for this product elasticised? Explain. (1-3 sentences. 3.0 points) a stock in a micro cap company or a gas pharmaceutical company. Its factors are that the government proposing a law that is in favor of te industry, media, and just unfluctuating speculation.